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The magic of money; translated from the German by Paul Erskine [Hjalmar Schacht] on *FREE* shipping on qualifying offers. Hjalmar Schacht. Oldbourne, – Bibliographic information. QR code for The Magic of money. Title, The Magic of money. Author, Hjalmar Schacht. Hjalmar Horace Greeley Schacht (22 January – 3 June ) was a German economist, banker, centre-right politician, and co-founder in of the German Democratic Party. He served as the Currency Commissioner and President of the Reichsbank . Schacht, in his book The Magic of Money (), wrote that Montagu.

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The Magic of money – Hjalmar Schacht – Google Books

An ironic comedy was to follow this tragedy. While before the war the presses of the Reichsbank had printed all banknotes, in additional printing firms with machines were needed to supply die demand.

Where did this money come from? Spiros Lavdiotis marked it as to-read Dec 16, Return to Book Page. Fortunately this brought about a considerable reduction in speculation, and contributed to die fact that the crash on the New York stock exchange, which took place two years later, had a less severe effect on the German stock market than it would have, had speculation been given free rein.

And finally there was the need to develop the country’s means of production and investment so that the empty workshops, the idle machines and the willing labour could once again be made pro- ductive. I do not come from a family of bankers.

Schacht pleaded not guilty to these charges. He was put on trial at Nuremberg for “conspiracy” and “crimes against peace” planning and waging wars of aggressionbut not war crimes or crimes against humanity.

Yet such industrialisation not only presents a monumental task of education and training, it also requires a vast amount of capital. But at this point there were many diplomatic to-ings and fro-ings, in which the energetic opposition of the French President, Poincare, and also of the Belgian military lobby, was brought to bear on the Belgian government.


Like lightning I turned round, grasped one of the men behind me by the chin, and shook his head. By the end of the amount of emergency money in circu- lation already amounted to one tenth of the Reichsbank notes, and by the end of there was as much emergency money as Reichsbank money.

What then was left to me after my return from Indonesia – where I was for a time active in an advisory capacity – except to.

The emergency money vanished. Man needs money and cannot exist without it. In the years between the Dawes and the Young plan I experienced a noteworthy example of the inter-connection between the monetary economy and foreign politics. The Magic of Money. This would be payable according to the price of rye, and could be exchanged for a certain quantity of the cereal.

The Magic of Money

Yet all this still did not add up to the ending of inflation. Schacht supported public-works programs, most notably the construction of autobahnen highways to attempt to alleviate unemployment — policies which had been instituted in Germany by von Schleicher ‘s government in lateand had in turn influenced Roosevelt ‘s policies.

But the fact that it deals with an interesting chapter in economic history is not the only justification for this book. I devoted my next semester at the University to this field. The negotiations with the management of the bank preceding my engagement took an amusing course. To meet the needs of its people for agri- cultural products and of its industry for raw materials, imports are essential.

Minister of Public Enlightenment and Propaganda. He cited in his defense that he had lost all official power before the war even began, that he had been in contact with Resistance leaders like Hans Gisevius throughout the war, and that he had been arrested and imprisoned in a concentration camp himself. Connected with this event is a small anecdote to which I was witness. Because my older brother was a student of medicine, I too began to study medicine at the University of Kiel.


And perhaps you will permit me to ask how much interest and commission you are charging on these loans? He who seeks profits must be able to bear losses. In my time with the Reichsbank I experienced cases of wrong decisions which underlined drastically the truth of these words.

Although a Danish civil servant, he could trace his German descent back for centuries, and was extremely perturbed by the lack of dignity, the servility and the loss of self-esteem exhibited by the Germans at Rastatt.

Still, at Schacht’s denazification trial subsequent to his acquittal at Nuremberg it was declared by a judge that “None of the civilians in the resistance did more or could have done more than Schacht actually did. This is decided above all by results: In constantly repeated public exhortations I warned both thr German borrowers and the foreign lenders against the clangers of this course, always without avail. In addition I came hjaljar personal contact with many other leading figures in the German industrial scene of the time.

The Kaiser Wilhelm Society was founded under the special patronage of the Kaiser in 1.

Part of this loan was used to pay the AEG for its work. Werner von Blomberg Wilhelm Keitel. I answered this objection with the following parable: Thanks for telling us about the problem. To pay out ninety million Marks in Pounds Sterling today – a year after the stabilisation – is not a trivial matter, not even thhe the Reichsbank.

The capital required to build the power station was raised in Germany by means of a loan floated by the Bank mzgic Dresden. The influence of money is not stopped by state boundaries.

Fritz Todt Albert Speer. Thus he was arrested by the Allies in