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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Donald Forster marked it as to-read Dec 30, Magkc did a great deal to catch up in the forty years of peace between and Even in former times it would not have sufficed had all owners of bank- notes presented them for exchange into gold.
Because I was able to master it, I earned myself the title of magician or wizard.
Before meeting Mussolini, I was first led into a waiting room. This first success had also schscht favourable effect on the internal payments situation. New capital and new means of production had to be brought into existence.
Besides reparations, such outlays included particularly the amounts spent on public building, social institutions and similar works. This brainwashing has today become the most important means of shaping public opinion. The use of capital to grant loans began at an even earlier date.
Already by December, trade accepted Rentenmarks and Hjalmad marks on equal terms. I hope that not one of you has taken part in these misdeeds.
This legal provision proved completely fatal to the German currency after the First World War. I have always appealed to the sense of responsibility of the captains of industry. Books by Hjalmar Horace Greeley Schacht. This ensured that the deficit would not get any schachg, while allowing the German government to deal with the gap which had already developed.
Hjalmar Schacht – Wikipedia
Each debtor must examine his accounts before raising credit. Of course, this only happened because to this day many of my measures have remained incomprehensible to a large number of people. Penguin Group New York: Despite this growth in my activities I had time on my hands. Because I did nothing to rob this orderly and characteristically decent man of his office or his dignity, we were on very good terms.
The exchange rate of the Mark was in its turn monye influenced by, if not dependent on, the care and preser- vation of this reserve. 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 developing a network of foreign branches.
They wanted to be paid in their own currencies.
Perhaps the prompt settlement of the Stinnes foreign debt even served to reinforce the banks in their assumption that they could at any time obtain sufficient foreign currency from the Reichsbank.
Acting officeholders shown in italics. My colleagues on the board of the Reichsbank and I were always of the opinion that the Reichsbank had an obligation to cater for and consider all aspects of economic life. However, Schacht had remained in the government and, afterSchacht took no active part in any resistance.
If we examine the great banking houses of America, England, and France, we find that the Bank of America has it own establish- ments and agencies in more than twenty-five foreign countries. Morgan was able to do without such artificial aids to his standing and dignity. It had been hard put to defend its standing during the banking crisis of I was compelled to think of these events and experiences when, as Commissioner for National Currency and President of the Reichs- bank, I did everything to take the Rentenmark, which was similarly based on landed property, out of circulation as quickly as possible.
They recur from time to time in this or similar form.
The Magic of Money – Hjalmar Schacht and how to defeat hyperinflation.
North Loop Capital Management added it Jan 01, One of the few people to be acquitted at Nuremberg. I began my encounter with the stock exchange in great awe.
Anyone who does not magkc this maxim is in danger of tying himself up in all the many ways of earning and spending money.
However, the Bank of Dresden did not ask me to be a banker. After submitting the manuscript, I mafic a letter from the publisher in which he told me that he had with some apprehension expected a dry, unreadable book, and was now overjoyed to find that the book treated its subject in a manner which enabled the reader to grasp the most difficult problems by referring them to his everyday experience.
The retinue of nearly all die larger Ducal courts included a so-called Court factor, whose duty it was to raise money for the Court and the State. Yet per- haps it is possible to discern a few things in the history of the war and inter-war years which lead away from theories and into practice. No reason was given.
An incorrigible Cognitive Dissident. Credit- worthiness and integrity occupy a central role in the business of banking. In the seventeenth hnalmar Philippine, the daughter ofWelser, proprietor of a large banking and merchant house in Augsburg, became the wife of the Austrian Archduke Ferdinand IT. Konstantin von Neurath Joachim von Ribbentrop.