Word: schacht
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...Young Plan's two archfoes, Dr. Alfred Hugenberg, "Hearst of Germany," and Dr. Hjalmar Schacht, resigned presi dent of the Reichsbank, both nursed their feelings last week as the Reichstag ratified the Plan with a vote...
...But?but?" sputtered a correspondent who did not find this line of reasoning easy to follow, "But, Dr. Schacht, is there any particular point to your resignation...
Sanctions v. Confidence. In judging whether Dr. Schacht was right or wrong about what the Young Plan is today two facts are pertinent. The Plan has not been altered in the broad sense that it still fixes for the first time the total Germany must pay in reparations, fixes the sums to be paid annually for 57 years, and sets up as a "cash register" the new bank for international settlements. But there have been profound changes in the spirit of the Plan. It was conceived as a business plan, and business today rests heavily on such vague but vital...
This time Dr. Schacht took a swift and angry puff at his cigar, did not bother to remove it before speaking...
This is the "legalistic" safeguard which cigar-puffing Dr. Schacht scorned...