Word: schacht
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Since most foreigners hotly resent the dumping abroad of German goods at below-cost-of-production prices, Economics Minister & Reichsbank President Dr. Hjalmar Schacht has moved with extreme wariness in setting up the 1,000,000,000 mark ($400,000,000) revolving fund to force German exports out upon the world...
...find out how much his keenest competitor is being assessed. Menaced with fresh Nazi warnings that there must be no grumbling, German industrialists big and small were paying up, but their disgruntlement was such that it could not be concealed. Privately they tipped off foreign correspondents that Economic Tsar Schacht's assessments are, in nearly all cases, heavy enough to absorb the harassed manufacturers' 1934 profits, and in many cases so heavy as to turn profits into deficits. Even firms notoriously in the red have been assessed and were paying up last week, as Tsar Schacht brusquely demanded...
Mercedes Motors, for example, will supply Dr. Schacht evidence that it could sell 1,000 Mercedes rear-engine cars in the U. S., if it could cut the present Manhattan delivered price of $1,350 to perhaps $800. This it could do only if granted a subsidy out of the $400,000,000 fund. Should Mercedes be considered deserving in this case, it would get the subsidy...
...their goods are concerned. U. S. consular officials in Germany inclined to believe last week that the revolving fund will be used not so much to dump in the U. S. as in countries with which the Fatherland has clearing agreements. According to the plausible secretariat of smart Dr. Schacht, nothing is farther from his high mind than dumping. He merely hopes to equalize the difference between the value of the German mark, which is relatively high because the mark has not been devalued, and the value of other currencies like the yen, pound and dollar, which have been forced...
Under iron-willed Reichsbank Governor Dr. Hjalmar Schacht's system of keeping the German mark theoretically on gold, Germans are virtually cooped up in Germany by the extreme difficulty of getting permission to take out even a modicum of money when they want to go abroad. Last week 86 privileged Nazi tourists arrived in Manhattan aboard the S. S. Stuttgart with spending money of $20 each, supposed to last five days. Said sturdy Franz Luppe, superintendent of a Dessau brewery, "Some of my countrymen are foolish enough to waste their money on banana splits...