Word: schacht
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Back in 1934 when Dr. Hjalmar Schacht was Hitler's financial boss, he had a law put on the statutes which ruled out of the banking profession anyone whose financial expertness or solvency was questionable, or who had "insufficient honor." The law helped the Nazis take over Germany's banking system. A month ago, Schacht, now a persimmon-faced 75, survivor of the Nürnberg war criminal trials and of denazification courts, asked the Hamburg Central State Bank for a license to establish an import-export bank under the name Hjalmar Schacht & Co. (capital...
...House. Schacht, the adroit, was acquitted at British insistence. He even turned his experiences to profit, sold more than 300,000 copies of his book, Settlement with Hitler, the biggest German bestseller since Mein Kampf...
Last year Herr Schacht, little the worse for wear and ever on the lookout for money, journeyed to Indonesia. The newborn island republic was hoping for an economic wizard to reinvigorate its lagging export trade and sickly home economy. Schacht and his prim wife put up at the rambling Hotel des Indes in hot, grubby Jakarta (with the government paying all his expenses, about $20,000). For three months he labored...
...page report (not yet translated into English) contained none of the expected wizardry. It urged: welcome foreign capital; cut down controls which discourage foreign trade; shun elaborate social welfare schemes; decentralize factories, to avoid building a citified, slum-dwelling proletariat. Said a Western businessman: "Did they have to send Schacht here to find all this out?" Indonesia's Finance Minister snapped that he agreed with none of the Schacht report except that "Indonesia has a great future...
Into the Future. Last week Indonesia abolished foreign exchange certificates, but made it clear that it had planned to do this anyway, with or without Schacht. It also devalued Indonesia's rupiah by two-thirds, against Schacht's advice...