Word: schacht
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...Years after he left New York state and moved across the Atlantic to settle in Tinglev, Schleswig, the Danish mechanic remembered the great U. S. editor. When he begat a son in Tinglev, he named the man-child?today chief of the German delegation in Paris?Hjalmar Horace Greeley Schacht. The onetime plowboy was. of course, General Electric's Owen D. Young, chief negotiant for the U. S. in Paris, chairman of the Second Dawes Committee...
...fortnight ago all negotiations were abruptly broken off and the committee prepared to disband (TIME, April 29), after a demand upon Germany for 28 billion dollars over 58 years was met by Dr. Schacht with an absolute refusal to pay more than 15 billions over 37 years. The Allies were particularly incensed by the fact that Germany's "Iron Man" made a portion of his offer conditional upon the return to the Fatherland of certain territory and colonies which she gave up by ratifying the Treaty of Versailles. Blamed by all the Allied delegates for dynamiting the committee, stubborn...
During that black interlude, and while Dr. Schacht was telling German correspondents that further negotiations would be useless, an entire new plan was drafted in Paris by Chairman Young, working far into every night, consulting frequently with the senior U. S. delegate, J. Pierpont Morgan...
White-hot rage against the "Iron Man" flamed up in the French press last week, when Dr. Schacht as president of the German Reichsbank raised its discount rate from 6½% to 7½%. The inference drawn excitedly in Paris was that the Reichsbank w?s trying to give the impression that German finances are already overstrained and cannot bear even the present reparations burden...
...attained. Instead the attraction of abnormally high money rates in Manhattan and other foreign capitals operated to deplete seriously the Reichsbank's gold reserve. The only possible counter-move was to raise the rate last week, and in Manhattan it had been anticipated for some weeks that Dr. Schacht would, nay must, take this step.* In Paris, however, angry editors rose above common sense, charged that the lowering of the rate last January was a "plot," even charged that the "Iron Man" would rather see the mark crash down to infinitesimal value a second time?thus bankrupting the Fatherland?than...