Word: schacht
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...present from Adolf Hitler. He is Otto Jeidels (pronounced Yi-dels), a tall handsome man with a twinkle in his eye, who habitually talks so fast that no one else can get in a word. Before teller purged German banking he was only one size smaller than Hjalmar Schacht himself; now he is a partner of the Manhattan banking firm of Lazard Freres...
...Schacht to Funk. Even before Hitler the Germans had been forced to experiment with foreign exchange control. With exports falling in 1933, Hjalmar Horace Greeley Schacht, head of the Nazified Reichsbank, first prohibited the transfer of interest on German foreign debts and then evolved a system of control boards to balance imports and exports. Out of these equilibrist schemes grew the blocked currency accounts and the barter devices, with the Germans paying foreign exporters in special marks good only for German goods at a price lower than the internal price level. Boycotts and currency difficulties kept lopping off chunks...
Recent replacement of Schacht by Dr. Funk as Reichsbank head has revived talk in U. S. newspapers of internal German inflation. Proponents of Nazi economic methods argue, however, that "inflation" is a word that has no meaning in relation to Nazi finance. The Nazis have, almost from the beginning, supplemented tax receipts by debt-creation" through forced loans. With the "secret" debt added to the acknowledged public debt of 40,000,000,000 marks, the total Government deficit may be as high as 54,000,000,000 marks. But prices #151;the popular measure of inflation- have not risen markedly...
...ideas on money are summed up in a statement of Schacht, former German economic minister, that "Money that is not issued against needed goods is mere printed paper," and the remark that "gold and silver are not needed goods...
...Hjalmar Schacht, German master of ledgerdemain, ousted from the Reichsbank presidency in January to make way for Nazi inflationists, embarked on a world-circling vacation trip. Last week he arrived in Bombay, India, tush-tushed reports that he had come to barter for Indian cotton. Surprisingly unsanguine, he said of Britain's stop-Hitler alliances: "We will do our best when the time comes. . . . We will give them a good fight...