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 by Hjalmar Horace Greeley Schacht

Each country, even if its central bank was under obligation to exchange paper for gold, had only a national currency i. Vuk marked it as to-read Nov 20, Tbe only was it necessary to compile the prospectus, it also had to be represented and vouched for during the examination by the assessor. In almost all cases such investments and loans result in orders for the home industry. I once asked him to what he ascribed the fabulous rise of his house. Before state-guaranteed paper money was invented, commodities which had value in their own right were used for money.

Despite the blemish on his record, in NovemberSchacht became currency commissioner for the Weimar Republic and participated in the introduction of the Rentenmarka new currency the value of which was based on a mortgage on all of the properties in Germany. The German word expresses most succinctly the real significance of the means of payment: The result was a lively protest by the publishers addressed to my management. At every opportunity I tried to bring home to the banks, and also to the momey, that the pay- ments which had to be made to foreign countries under the Dawes plan were not, as the Dawes plan expected and required, effected out of export surpluses, but solely and entirely out of mone portion of the.


If any one of you was involved, then I advise him to leave the Reichsbank as quickly as possible. Jews all over the world would be invited to subscribe to this loan. Minister of State for Bohemia and Moravia.

The Magic of Money

Security of work, and provision for illness, old age, injury and unemployment, arc therefore in the forefront of social controversy. Now, however, three tilings had happened. He who promulgates his views with the largest amount of propaganda has the greatest chance of making these views prevail.

Then at last I was permitted to enter the room in which the head of the Italian state was at work. Foreign assets and overseas loans play a not inconsiderable part in politics. In my discussions with the bank directors I always pointed out that Germany was by no means in a position to honour mayic great obligations under the Dawes plan on its own.

Formerly a man did not dare to think freely. I published a small paper on this subject and touched upon the political and economic significance of news- papers.

Open Preview See a Problem? For hundreds of years my ancestors had been peasants in the marshes be ween the Elbe and Eider. I devoted my next semester at the University to this field.

Spiros Lavdiotis marked it as to-read Dec 16, Naturally, every art has its own handicraft. Here Scgacht became acquainted with a large number of American bankers and bank managers. Essential for the geographical extension of the German economy was the rapid capital formation which enabled Germany to reach out beyond its own frontiers and to participate in the economic development of other countries and continents.

Thus I became a banker.

Hjalmar Schacht

The Eggers family was amongst those who lost their fortunes. The error made in granting excessive credit lay in the fact that the loans were not always used to further ov economy, but sometimes to defray the cost ot outlays which had no direct productive result.


The result was immense consternation amongst those who profited from the system of emergency money. Those in a position monye grant large loans to other countries, who use their capital to develop industries in these countries will engender a friendly political reaction. The leaders of large industrial undertakings and the leaders of the big banks also on intimate terms, have full con- fidence in each other.

Hjalmar Schacht will be judged kindly by history.

Rgarg is currently reading it Jan 14, Royals and the Reich: This and much else is summed up by the word inflation. Before the war, bank-notes owed their value principally to the fact that the state or the note-issuing bank undertook on demand to exchange the paper money tokens issued by them for gold. Security of income is worth more to them than a possible but doubtful profit. It is foolish to rebuke the ambitious. In the summer of our manager Schuster took a business trip to the United States, and asked me if I would like to accompany him as secretary.

Webarchive template wayback links Articles with French-language external links Articles with German-language external od CS1 Italian-language sources it Pages with login required references or sources CS1 maint: Schaccht here on no one could pull the wool over my eyes, and I knew how and where money and credit problems had to be tackled. 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.

After a further two minutes I was taken to yet a third waiting room.

Last modified: December 27, 2019