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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In Schacht was arrested by the Gestapo after the assassination attempt on Hitler on 20 Julybecause he allegedly had had contact with the assassins. I pointed out to him that the Reichsbank had estimated the value of Jewish property in Germany at mmoney six billion Reichsmark. Naturally, every art has its own handicraft.

In the Middle Ages the transport of effective moneys was extremely difficult, not only for technical reasons, but also on grounds of security. In the ensuing I will have a few things to say on this theme. The modem commercial and market economy with its highly-developed division of hkalmar cannot effect the exchange of goods and services without a universally valid means of exchange and payment.

A discovery which I made while I was with my grandfather provided me with an impetus. Minister for Food and Agriculture.

At the same time I left it to the banks to collaborate with Stinnes in the sale of some of his assets, so that the concern might regain its liquidity. I myself have throughout omney career had close contacts with newspapers, particularly with the Frankfurter Zeitung. The most respected members of the stock exchange sat on this committee, and one of their number acted as assessor for each application.

But these foreign loans became grave in their consequences if their equivalent value was used for local political purposes by the state, provincial, or local government. When I returned to public life after my acquittal in Niiraberg, Magid, the Social Hjwlmar president of the Senate of Bremen, tried to shame me by calling me the highest-paid official of the Nazi regime.


The production and distribution of books and newspapers is an expensive business.

The Magic of money – Hjalmar Schacht – Google Books

As bank director and later as president of the Reichsbank I frequendy discussed economic and financial problems in all con- fidence with Albert Oeser, editor of the financial section of this paper. It is nonetheless true that for a few years in my youth I had party political connections, spoke at public meetings and participated in od discussions. This ensured that the deficit would not get any worse, while allowing the German government to deal with the gap which had already developed.

If any one of you was involved, then I advise him to leave the Reichsbank as quickly as possible. Notify me of new posts via email.

I have often put this concept to the test. They became Counts thf finally Dukes of Tuscany. There maggic a certain humour in the hjalar that such financial methods of gaining influence often occupy the foreground in the politics of so-called development aid.

His defenders argued that he was just a patriot, trying to make the German economy strong. Perhaps it will be asked why the workers accepted such devalued money.

Hjalmar Schacht

None of them made a greater impression on me than the head of the house, the old John Pierpoint Morgan, who regularly monet Schuster and me to take lunch with him. However, this committee did not have all the authority which the Reichsbank would have liked it to have.

In hnalmar terms banks, like insurance companies, are little if at all affected by inflationary depreciations in the value of money. Most men lack these qualities. This necessitated extremely involved conferences, negotiations, discussions and critical reviews with those concerned in the new issue. My endeavours were aimed in quite a different direction: However, they yielded to the insistence of the Schacht family grandmother, who firmly believed the child’s given name should be Danish.

The rise of a newcomer always rouses envy and fear in his competitors.

For these reasons the speculators were unable to pay for the Dollars they had bought when payment became due. He became deputy director of the Dresdner Bank from to The next monetary absurdity confronted me hjalmxr the problem of how Germany was to pay the reparations with which it had been saddled after the First World War.

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No trivia or quizzes yet. Credit- worthiness and integrity occupy a central role schacyt the business of banking. Yet all this still did not add up to the ending of inflation. Collectivism, however, excludes competition, and it is only through competition that the most successful mahic the most able can exercise a decisive influence on the social product.

Stinnes and FAVAG did not have sufficient means to settle their debts when they fell due, irrespective of whether payment was due in German or in foreign currency. This would not only serve the interests of the emigrating Jews, but also those of countries which hesitated to grant entry to penniless Jews.

Despite this growth in my magif I had time on my hands. It must always be borne in mind when considering how monetary savings are to be employed. Although widi the growth in German foreign trade the Mark has grown in significance as an international means of payment, the German banks have been very tardy in scjacht a network of foreign branches.

The project has been sanctioned. His parents, who had spent years in the United States, originally decided on the name Horace Greeley Schacht, in honor of the American journalist Horace Greeley. I have never understood why my plan was rejected. Germany did a great deal to catch up in the forty years of peace between and Christa Luft Gerhard Pohl. To guard against such eventualities the politician responsible for monetary and currency policies needs strength of character which frequently put his office as well as his person to the test.

Nor can I say that I became a fully-fledged banker as a result of this crash course, but I did learn everything which forms part of banking activity.