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 collapse of the Bank of Leipzig, a Saxonian institution, attracted attention and some criticism to the Bank of Dresden, which was also of Saxonian origin. A brief stay in Washington became an important event, because I was able to accompany Schuster on a visit to the President, Theodore Roosevelt. I myself have throughout my hjalmag had close contacts with newspapers, particularly with the Frankfurter Zeitung.

Even if at that time there was no suggestion of such a thing, the desire of many Jews to leave Germany was understandable. When I think hjalmat him now in my old age two episodes in his life strike me as particularly significant, hi Eggcrs represented the Danish government at the Rastatt Congress at which the German Princes forfeited all German possessions on the left bank of the Rhine.

Mooney was often able to give him information on condition that it must not be published before a certain date.

The Reichsbank would mone in existence ; side-by-side with this proposed new currency bank; provision would be made for the new money to be exchanged into Reichs- marks at a later date. Thomas Lamont, a most imposing figure, I last saw in in Heidelberg, where we discussed the question of annuity payments on the Dawes-Young loan.

Hjalmar Schacht – Wikipedia

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.

Anyone in a position to incur debts grew rich. Each year it invested hundreds of millions of Marks, and thus sums greatly in excess of its own share capital. The trouble was that no such dossier existed.


Hjalmar Schacht

One result is the well-nigh hysterical fervour with which everyone is today striving to do his utmost for those countries and people who have hitherto enjoyed but few of the creature comforts which are available to those who live in the highly-developed industrial countries. The general laughter proved to me that I had caught the right person. Hristos Dagres rated it really liked it May 24, The main business of the note-issuing bank is to purchase such bills when the banks need money, so that the banks possessing the appropriate number of bills can always obtain money from the central bank.

Gold was the most favoured of them and it has retained its rank as the best means of payment for thousands of years.

Email required Address never made public. You are commenting using your Facebook account. I found satisfaction in die fact that despite defeat in war and the unrest which accompanied it in many parts of Germany, many left-inclined voters supported not the Social Democrats, but our party, which represented the views of the middle-class left.

He signified his agreement to the plan, but remarked that he would have to discuss it with the spiritual leader of the London Jews, Chaim Weizmann. Inwhile on a business trip to the United States with board members of the Dresdner Bank, Schacht met the famous American banker J. He enjoys a relationship to his clients similar to that between doctor and patient.

The political authorities reversed this judgment and instigated a new hearing. He was the most active and effective assistant to the minister, Andreas Bernstoff, who achieved the abolition of serfdom in Holstein.

All members were imbued -with this responsibility, and I look back with satis- faction on the fact that in all the time I was president of the Reichs- bank every decision by the board was reached unanimously. I devoted my next semester at the University to this field.

This principle can lead to abuse, as Siemens discovered when the Bank of Leipzig came to grief. It was moreover most improper of you to have incurred so large an indebtedness in a foreign currency. Sakis Karafyllas marked it as to-read Oct 09, The borrower obtained durable goods for his money, but the lender only received worthless paper Marks. Not until later, when 1 went to visit the founder of the Bank of America, the Italian Giannini, in San Francisco, did I get to know this part of the world.


Yet the truth is that nothing in the world has so little to do with magic as dealing with money. Even if in culturally-advanced countries corrupt judges have to all intents and purposes disappeared, there are still quite enough cases where the verdict has been influenced by the fabrication of opinion, engendered by money.

The Magic of Money

Two minutes later someone arrived who took me to another waiting room. Between the wars Germany had rarely achieved any export surpluses, and then only very small ones.

He sat on his chair…No, he read no letters. The above figures may not seem much mony our inflationary times, but in those days 8, gold Marks per annum was a considerable income for a year-old. After Hitler took power in JanuarySchacht won re-appointment as Reichsbank president on 17 March. For all who still remember it, the fall in the value of money at this time meant reductions in property values, impoverishment of the upper and lower-middle classes, corruption in the government and the civil service, undernourishment, and the rise of doubtful personalities to sudden riches.

Carl Friedrich Goerdelerhelped lead the “free-market” faction in the German government. Money, plays the role of the sorcerer’s apprentice – schacut to serve a master who cannot now rid himself of his indispensible sprite. The recognition that his task lay in this field prompted scjacht to accept a Reichstag seat.