Word: schacht
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Inflationary and promissory plans like this have long distracted German financial experts (except Hjalmar Schacht, who controlled currency with a firm hand). Latest to crack under the strain is Reichsbank Vice President Dr. Rudolf Brinkmann, who lasted less than four weeks in office. One day just before he was sent to a sanatorium for a rest, Herr Brinkmann was feeling on top of the world. Carefully going through the personnel of the Reichsbank and picking out many of the most talented men, he called them together. He also summoned a brass band. "Play a march," he said to the band...
Chubby, jolly Dr. Funk, long a Nazi Party member, and once head of the Third Reich's Press Department, will keep his Economics Ministry which he took from Dr. Schacht in 1937. Specifically charged with maintaining the stability of wages and prices, he will now have the added and important job of opening up and enlarging, in Herr Hitler's words, "the capital market for private financial needs...
...credited with either the genius or the stubbornness of Dr. Schacht, Dr. Funk is not expected long to resist the demands of those Nazi radicals who have wanted to print bank notes against such newly created wealth as public buildings, roads. They have professed to be less interested in how much gold a ten-mark note represents than how much bread it will buy. As if in expectation of inflation, values on the German stockmarket rose in terms of marks, while German bonds elsewhere sank lower...
Last week, for example, German listeners could hear in German news that might not otherwise have reached their ears-that Bridget Hitler, the Führer's sister-in-law, had been arrested in London for not paying her rent; that the U. S. viewed Dr. Schacht's dismissal with alarm...
...general impression in London was that Dr. Schacht returned to Berlin at week's end emptyhanded. (His "private visit" had included a secret conference with U. S. Lawyer George Rublee, director of the Intergovernmental Committee on Refugees.) If Dr. Schacht had any hopes that Britain would call off her trade war with Germany, he must have been disap pointed when the House of Commons unanimously advanced through its second reading a new Export Credits Bill, which raises from $250,000,000 to $375,000,000 the amount of obligations the Government can incur in "insuring foreign trade" and provides...