Word: schacht
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Onetime Reichsbank President Hjalmar Schacht, Hitler's wily old financial wizard, got a foothold in Germany again. Turned down by the Hamburg Senate when he applied for permission to found a banking firm there (TIME, Aug. 4). Schacht managed to get a license to operate in the province of Schleswig-Holstein, appeared confident that sooner or later he would win his Hamburg permit...
...year-old man with a prim, severe face flew into Cairo last week, looking like an old-fashioned country doctor making his calls. Carrying his little black briefcase and typewriter, and accompanied by his young-looking (44), smiling wife, Hjalmar Horace Greeley Schacht has been making the rounds of world trouble spots, prescribing oldfashioned, bitter medicine for economic ills...
Wherever he went, the reputation of "wizard" preceded Schacht. He had saved the Weimar Republic from the disastrous consequences of inflation, had helped Hitler build a superb war plant in debt-ridden Nazi Germany (he was acquitted of war crimes charges at Nürnberg). For his new patients, Dr. Schacht prescribed no miracle drugs, but time-tested, standard remedies. He warned Indonesia last year to work hard and attract foreign investors. He bluntly told the Iranians last month that they were "lazy," and repeated his injunction to work hard. Sometimes his pronouncements seemed a little hasty. ("I reached Teheran...
...great man and Egypt's economy was basically healthy. His prescription for Egypt: work hard, increase production, avoid useless expenditures. It sounded simple, but U.S. economists and Point Four experts have also found that for the "backward nations" simple remedies are the best. At any rate, psychologically, Dr. Schacht's words had a strong tonic effect. After four days, during which he made more detailed recommendations, the busy doctor packed his briefcase, flew off, announcing he would be back in Egypt in a few weeks to tidy up loose ends. His next patient: Syria...
...camel-hair bathrobe, Mohammed Mossadegh sat up in bed and received Hjalmar Schacht, chief fixer of Nazi Germany's elastic currency. In Teheran at Mossadegh's summons to take a look at Iran's Scheherazadian finances, Schacht presented Mossy with a plan to stave off bankruptcy. Main feature: increase the amount of money in circulation by 20%. He also pointed out that there was no real hope of balancing the books unless Mossy could reopen the source of nine-tenths of Iran's national income: the refinery at Abadan. Schacht added bluntly: Iranians are "lazy," ought...