Hjalmar Schacht (born Horace Greeley Hjalmar Schacht; 22 January 1877 – 3 June 1970, German pronunciation: [ˈjalmaʁ ˈʃaxt]) was a German economist, banker, centre-right politician, and co-founder in 1918 of the German Democratic Party. He served as the Currency Commissioner and President of the Reichsbank under the Weimar Republic. He was a fierce critic of his country’s post-World War I reparations obligations. He was arrested by the Gestapo in the summer of 1944.
Hjalmar Schacht (born Horace Greeley Hjalmar Schacht; 22 January 1877 – 3 June 1970, German pronunciation: [ˈjalmaʁ ˈʃaxt]) was a German economist, banker, centre-right politician, and co-founder in 1918 of the German Democratic Party. He served as the Currency Commissioner and President of the Reichsbank under the Weimar Republic. He was a fierce critic of his country’s post-World War I reparations obligations. He was arrested by the Gestapo in the summer of 1944.
He served in Adolf Hitler’s paperwork as President of the Central Bank (Reichsbank) 1933–1939 and became Minister of Economics (August 1934 – November 1937).
While Schacht was for a era feted for his role in the German “economic miracle”, he opposed Hitler’s policy of German re-armament insofar as it violated the Treaty of Versailles and (in his view) disrupted the German economy. His views in this regard led Schacht to battle with Hitler and most notably like Hermann Göring[citation needed]. He was dismissed as President of the Reichsbank in January 1939. He remained as a minister without portfolio, and normal the similar salary, until he was sufficiently dismissed from the doling out in January 1943.
In 1944, Schacht was arrested by the Gestapo after the assassination attempt on Hitler upon 20 July 1944 because he allegedly had approach with the assassins. Subsequently, he was interned until the stop of the Third Reich in the amalgamation camps Ravensbrück and difficult at Flossenbürg. In the last days of the war, he was one of the 134 special and clan prisoners who were transported by the SS from Dachau to South Tyrol. This location is within the Place named by Himmler the “Alpine Fortress”, and it is speculated that the strive for of the prisoner transport was following the intent of holding hostages. They were freed in Niederdorf, South Tyrol, in Italy, on 30 April 1945.
Schacht was tried at Nuremberg, but was sufficiently acquitted more than Soviet objections; later on, a German denazification tribunal sentenced him to eight years’ hard labor, which was as well as overturned on appeal.
In 1955, he founded a private banking house in Düsseldorf. He with advised developing countries upon economic development.