Word: schacht
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...retreat of Germany's stiff-necked Dr. Hjalmar ("Iron Man") Schacht at The Hague Reparations Conference last week was epic, masterful...
...Conference had substantially agreed to sign forthwith the protocol of the Reparations Plan, drafted at Paris last spring under the chairmanship of Owen D. Young, by a committee of bankers of whom Dr. Schacht was one. He signed the original Paris draft of the Plan, approved the articles establishing a $100,000,000 Bank for International Settlements (B. I. S.), and allowed everyone to assume that of course the Reichsbank would subscribe its allotted quota of the capital...
...suddenly, and in despite of the Socialist Government of German Prime Minister Hermann Müller, Dr. Schacht announced: first, that the Young Plan had been so tinkered that it is no longer the document he originally signed; second, that it would be "morally wrong" for the Reichsbank to associate itself with a plan so contrary to German interests, since it now sanctions France to act against the Fatherland in the event of German refusal to pay Reparations; and third, that Dr. Schacht, basing his stand as he said "on the highest moral grounds," would not as President...
Flustered Drs. Curtius and Moldenhaur -comparative novices at international negotiations-wired hastily for Germany's "Iron Man,'' stiff-necked Dr. Hjalmar Schacht, President of the Reichsbank...
...Schacht's arrival was immediately marked by a loud announcement that as Reichsbank head he would not support the establishment of a bank of International Settlements as planned. His chief reason : The Original Young Plan had been tampered with to the detriment of Germany. Then startlingly, after a series of meetings, the leading conferees, including the Germans, not only ignored Dr. Schacht's eruption as unofficial, but reached an agreement that any moratorium must be concluded before another is granted, that Germany would make payments on the fifteenth of each month as asked by the Allies...