Word: schacht
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...will now become a country squire and raise pigs. . . . My resignation as President of the Reichsbank is absolute and final." Thus to flabbergasted Berlin reporters last week spoke Germany's famed "Iron Man," her financial champion at every Reparations conference in recent years, Dr. Hjalmar Horace Greeley Schacht...
...true, Dr. Schacht," asked the representative of a Berlin socialist daily last week, "that as long ago as Feb. 20 you told your friends in Wall Street and Mr. Owen D. Young what you intended...
...call it the Young Plan!" Squarely and consistently Dr. Schacht took his stand last week on the same "high moral ground" which he mentioned at the second Hague Conference (TIME, Jan. 13, et seq.). He charged then that the original Owen D. Young reparations plan, drawn up at Paris by world's greatest financiers (TiME, Feb. 18, 1929, et seq.), has now been so modified by politicians like Philip Snowden and Andre Tardieu that it is no longer the same thing. "Don't call it the 'Young Plan' any more!" snapped Dr. Schacht last week. "At the second Hague Conference...
Because the Young Plan which was scheduled to come up this week for ratification by the German Reichstag is not in his view the Young Plan he signed at Paris, Dr. Schacht considered it his duty to resign last week...
...calling the Schacht Solution "fair" Berlin commentators pointed out that the profits of the Reichsbank have largely arisen from its right to issue paper money ?a right conferred by the State. In the present Socialist temper of Germany a general belief that the original subscribers to the bank stock were "profiteering" on their 8% plus dividends might easily lead to a situation in which the Government would be forced by public opinion to curtail the Reichsbank's profitable right of issue. Under the new plan imputations of profiteering can hardly arise, yet the stockholders will receive?if they agree...