Word: schacht
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Thus last week Berlin considered that Washington had acted with intolerable presumption, and Dr. Schacht, fighting mad, was reported to have exclaimed, "They mean to kill our trade with them? All right, let's kill their trade with us! Afterward we can build it up again on a new basis...
Paradoxically Dr. Schacht chose to kill Germany's export trade with the U. S. as the easiest way to kill the U. S.'s export trade with Germany. For years these two forms of trade-normally independent of each other within limits-have been rigidly interlocked by the Nazis' iron rule that Germany buys only where Germany sells and in substantially balancing amounts. Therefore last week Dr. Schacht was not simply cutting off Germany's nose to spite her face but, in complex fashion, was cutting ultimate U. S. exports to Germany when he abruptly...
...Schacht trick has been a feat of State bookkeeping, does not involve the printing of marks of different kinds. In the main, Dr. Schacht's procedure has been simply to hold or "block" in Germany payments owed to a foreigner and refuse to transfer them to him abroad. The foreigner was told that he could use these "blocked marks" to buy goods in Germany or could sell them to someone else in his own country who wished to do so. Obviously the foreign creditor could sell his blocked marks only at a discount and the effect of this...
...Konto fur Inlandszahlungen, meaning "Foreign Special Accounts for Domestic Payments." In practice the "special" feature of Aski Marks has been that they were only released or unblocked for transactions which the Nazis consider "essential." Last week these were killed, so far as the U. S. is concerned, when Dr. Schacht completely suspended payments in Aski Marks. He also killed "Barter Marks." In the past more than 50% of all German-U. S. trade has been conducted in Aski Marks for "essentials" and Barter Marks for "nonessentials." To wipe out these two was to deal deadly blows to trade...
...thus apparently due to sink toward zero, U. S. citizens this week could still buy at reduced rates for travel in Germany Tourist Marks. In Washington and in Berlin technical experts believed that surely President Roosevelt and Chancellor Hitler will now find it necessary-as foreseen by foxy Dr. Schacht-to open negotiations and make a brand new deal on U. S.-German trade...