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Hitler's Banker: Hjalmar Horace Greeley Schacht
Examines the life of the president of the Reichsbank and his relationship with Hitler
361 pages, Hardcover
First published October 1, 1997
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Displaying 1 - 9 of 9 reviews
January 18, 2017
Hjalmar Horace Greeley Schacht was a well-respected German banker who solved the hyper-inflation problem in 1923. He was head of the Reichsbank during the 1920s.
Schacht had left that position when he supported Hitler's rise to the Chancellorship, stating that Hitler was the only one who could solve Germany's problems. He was asked by Hitler to return to the Reichsbank in 1933 and accepted, later saying he debated whether he could accept the offer from a leader whose political methods and individual actions he found difficult to accept, but that he overcame his scruples for the sake of the 6 1/2 million unemployed.
That sort of statement perhaps explains why he was one of three defendants who was acquitted at the Nuremberg War Crimes Trials. I also read his own memoir; it, like this book, shows a very smart man protecting himself at every juncture. Schacht, like Putzi Hanfstaengl, Speer, and many other Germans, cannot be considered a reliable narrator.
Schacht will be a co-defendant at Nuremberg with my fictional character in the novel I am currently writing.
Schacht had left that position when he supported Hitler's rise to the Chancellorship, stating that Hitler was the only one who could solve Germany's problems. He was asked by Hitler to return to the Reichsbank in 1933 and accepted, later saying he debated whether he could accept the offer from a leader whose political methods and individual actions he found difficult to accept, but that he overcame his scruples for the sake of the 6 1/2 million unemployed.
That sort of statement perhaps explains why he was one of three defendants who was acquitted at the Nuremberg War Crimes Trials. I also read his own memoir; it, like this book, shows a very smart man protecting himself at every juncture. Schacht, like Putzi Hanfstaengl, Speer, and many other Germans, cannot be considered a reliable narrator.
Schacht will be a co-defendant at Nuremberg with my fictional character in the novel I am currently writing.
October 7, 2015
This book is a fascinating look at one the 20th century’s most famous economic master's Hjalmar Schacht. He became Adolph Hitler’s most valuable subordinate because his rescue of the German economy rode Hitler into power.
After Schact graduated with a doctorate degree from Hamburg’s Johanneum University he worked in many Banking sectors of Germans economy and quickly rose to the top. Following Germany’s capitulation after World War I Germany’s economy jettisoned into runaway inflation in 1923. Schacht remedied this awful situation by replacing Germany’s currency, the mark, with the rentenmark. One rentenmark was exchanged for one trillion marks. This move took trillions of marks out of the system, leaving it with much fewer rentenmarks thus curbing inflation.
In 1933 Germany’s economy plunged into the Great Depression. 6.5 million Germans were out of work. Adolph Hitler called on Schact, who was retired at the time, to master a recovery plan. Schacht was immediately placed as the head of Germany’s official bank, the Reichsbank , where he was given dictatorial economic powers.
Hitler and Schacht knew that job creation would make Germany prosperous. So Schacht used 1 billion marks to fund the housing and construction industry to build homes and buildings. He also pledged 600 million marks to pay for the constructions of a super highway know as the Autobahn. This along with a German military buildup pulled Germany out of the Depression quicker than any other country.
Schacht’s over all philosophy was free unmolested trade, a powerful military to protect that trade and pegging the currency to gold.
He was one of Hitler’s most important cabinet members but after a German recovery and numerous disagreements, Hitler threw Schacht into a prison camp as an enemy of Germany. After Germany surrendered Schacht was arrested again by Ally authorities and was tried as a War Criminal. He was one of only three acquitted at the Nuremburg Trials. Remarkably though he took all this in stride.
After Schact graduated with a doctorate degree from Hamburg’s Johanneum University he worked in many Banking sectors of Germans economy and quickly rose to the top. Following Germany’s capitulation after World War I Germany’s economy jettisoned into runaway inflation in 1923. Schacht remedied this awful situation by replacing Germany’s currency, the mark, with the rentenmark. One rentenmark was exchanged for one trillion marks. This move took trillions of marks out of the system, leaving it with much fewer rentenmarks thus curbing inflation.
In 1933 Germany’s economy plunged into the Great Depression. 6.5 million Germans were out of work. Adolph Hitler called on Schact, who was retired at the time, to master a recovery plan. Schacht was immediately placed as the head of Germany’s official bank, the Reichsbank , where he was given dictatorial economic powers.
Hitler and Schacht knew that job creation would make Germany prosperous. So Schacht used 1 billion marks to fund the housing and construction industry to build homes and buildings. He also pledged 600 million marks to pay for the constructions of a super highway know as the Autobahn. This along with a German military buildup pulled Germany out of the Depression quicker than any other country.
Schacht’s over all philosophy was free unmolested trade, a powerful military to protect that trade and pegging the currency to gold.
He was one of Hitler’s most important cabinet members but after a German recovery and numerous disagreements, Hitler threw Schacht into a prison camp as an enemy of Germany. After Germany surrendered Schacht was arrested again by Ally authorities and was tried as a War Criminal. He was one of only three acquitted at the Nuremburg Trials. Remarkably though he took all this in stride.
July 21, 2023
More biography and history than an analysis of economics. Subject was one of only three people found to be Not Guilty and the Nuremberg trials. No doubt due to in some respects to his involvement in plots to kill Hitler, never being a member of the Nazi party (though a cabinet member early on for Hitler) and the fact he was arrested and sent to several concentration camps before being taken into custody by the allies because of his anti-Nazi/Hitler views during the later portion of Hitler's time in power. This decision proved controversial and he was tried multiple times by the Germans after being freed by the allies. Each time he was freed and he went on to re-establish himself as a banker and worked on the international scene advising multiple non-first world nations on economic policy.
June 23, 2021
This book is full of biased anti-Nazi snide remarks particularly of Hitler. You might be surprised by such a comment but this is merely colouring the past from the future. This perspective applies to the main character Schacht himself. This book doesn’t telll you Schachts‘ economics, only that he believed in free trade. Contrary to popular belief Schacht was not a great economist or banker, simply better at PR. There is not a single legacy of his economics left to us today because Schacht had no original insights on banking or economics. Schacht could very easily as Reichsbank chairman imposed currency controls to ameliorate the inflow of foreign capital into Germany during the ´20s for frivolous state and local projects but did not. Someone had to be head of the Reichsbank, someone had to be Hitlers‘ finance minister, history decreed it would be Schacht. Not because there was no-one better qualified but because Schacht was better at self promotion than most. Is this book worth reading? Not really, not for historical accuracy or economic insights certainly.
July 23, 2022
Interesting, quick read about important subject. I was looking for new info on the German recovery under Hitler, including the Mefo bonds. But found that perhaps more so, Schacht’s bullying of foreign creditors was enabling the rearmament of Germany. Weitz rely primarily on secondary sources so not so much news, but good overview of an obviously stubborn, arrogant and difficult person. Surprised he did not mentioned Keynes in connection with the Versailles Treaty and also description of the Mossadegh coup in Iran is quite superficial.
October 4, 2018
An interesting read about the life of Germany's and Hitler's central banker after WWI through WWII. It was a good biography and explained a lot about his life, but I was hoping for more of a discussion on his banking prowess.
The book Lords of Finance paints him as the astute banker responsible for Germany's economic rise during the hyperinflation and the depression, but this notion was less prominent throughout the book.
The book Lords of Finance paints him as the astute banker responsible for Germany's economic rise during the hyperinflation and the depression, but this notion was less prominent throughout the book.
February 16, 2024
Not a bad book about the beginning situation of Germany's financial situation after WW1 and how it transformed during the 1920s and 30s. Ultimately, how the economic piece influenced the Germans into war in 1939.
You learn a lot about Schacht, but there are better books out there about the economic situation in Germany between 1910 - 1950.
You learn a lot about Schacht, but there are better books out there about the economic situation in Germany between 1910 - 1950.
May 11, 2023
I had thought the book would elaborate on financial aspects and details, but the financial content was very superficial. However the book is a flowing narrative of the Germany of the 1930’s, which draws a lesson for everyone
Displaying 1 - 9 of 9 reviews