Word: schacht
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...sooner did Economics put the show on this practical, going basis than Politics (i. e. Mr. Snowden) tried to dazzle Englishmen at The Hague Conference with the hope that they could get more out of Germany than Economics had said was possible. Of the subsequent resignation of Dr. Schacht as director of the Reichsbank in protest against what was done at the second Hague Conference, Mr. Young warmly said...
...Schacht has been accused in taking this action of having domestic political ambitions [to be elected President of Germany]. It is fair to him to say that his protest arose, not because there was Politics in Dr. Schacht, but because Politics had again 'crept into the [Young] Plan...
However, Mr. Young does not share Dr. Schacht's pessimism. Said he: "I have no fear of the slight political tinge which the Plan took on at The Hague." (Dr. Schacht holds that The Hague signatures hung an Allied sword over Germany's head; but Mr. Young cheerfully claimed that the ''military sanctions" provided in case of German refusals to pay have "a most attenuated form," can be ignored as a mere "tinge...
This rally, however, was not entirely due to the Young Plan signing and President von Hindenburg's statement. Chosen to succeed disgruntled Dr. Schacht as President of the Reichsbank (TIME, March 17) was Dr. Hans Luther, twotime Chancellor of Germany and Minister of Finance...
...better successor for Dr. Schacht could have been found. Not only is he an astute politician, and the political importance of the Reichsbank in Germany is very great, but he is one of the foremost economists in the country. Shaven-headed, thick-necked, he bears a distinct resemblance to the late great Gustav Stresemann whose friend and disciple he was. More important, he is one of the most intimate personal friends of President von Hindenburg. Born in Berlin in 1879, Bankpresident Luther proudly claims descent from the patron saint of Protestantism, grim-jawed Martin Luther...