Word: schachtian
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...letter to the ew York Times printed yesterday Gottfried Haberler, Galen L. Stone professor of International Trade said that the measures are "a further big step into the mass of specific controls that used to be called the Schachtian system, named after its inventor, the Nazi economic wizard Hjalmar Schacht...
...faced too with the problems of a Europe in reconstruction, postwar Britain must inevitably maintain all manner of exchange and trade controls for the short run. The temptation will be to let these controls become permanent-to try to enter into a whole series of bilateral "deals" of the Schachtian variety with Europe, with South America, and within the Empire...
...Germany now claims to have something like $2,000,000,000 in gold. If she shipped that here, she would add to our surplus, embarrass us. Instead, she will help us put gold back into circulation by putting her $2,000,000,000 fund into a new European-American ("Schachtian") Bank of Intercontinental Settlements. Protected by this margin, the U. S. can then lend Germany, says Westrick, about $5,000,000,000 in gold. This would come back in payment for German purchases throughout the Hemisphere...
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