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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But money has many different kinds of attributes, some of them very intricate, so that the majority of people frequently find them- selves unable to understand certain financial transactions.
Full text of “Schacht Hjalmar The Magic Of Money nwo illuminati freemasons”
And without a system whereby credit can be granted to producers, our modem economy could not have come into existence. So far as possible I will illustrate my thesis with examples drawn from my own experience; theoretical discussions will be eschewed.
The Reichsbank upon which this responsi- bility fell could not make up its mind to take action. Responsibility is the fundamental condition for the preservation of private property and of all private enterprise.
On a journey through Turkey which I made with some friends in the conversation turned to our future careers. They arc die moral and spiritual 6lite of political society.
The error made in granting excessive credit lay in the fact that the loans were not always used to further the economy, but sometimes to defray the cost ot outlays which had no direct productive result.
And all depends on whether such individuals prevail over the collective or not, that is, whether understanding and reason triumph over natural indolence. Man needs money and cannot exist without it. It is not a text-book but a book of experiences. There were several other occasions in the course of my activities in the field of currency policy on which business circles, particularly big business, were dissatisfied with or divided about my measures. After Hitler took power in JanuarySchacht won re-appointment as Reichsbank president on 17 March.
The legal protection afforded by British pre- ponderancy in world trade w r a s, before the two world wars, an important factor contributing to the frictionless functioning of the international payments traffic. The economy is governed spiritually and intellectually by technical and organisational ideas and institutions. The cautionary example of the consequences of excessive foreign indebtedness did not prevent the German banks from continuing to employ short-term foreign loans in their business.
Nonetheless, the individual talent of a unique personality can still make its mark on a large concern. If any one of you was involved, then I advise him to leave the Reichsbank as quickly as possible. Draginia marked it as to-read Feb 01, The reason for granting these credits was not so much the endeavour to help the German economy to its feet after its defeat in war – it is well known that there is nothing cosy about money matters – but rather the profitable business of placing German loan issues on the American market.
The Magic of Money
It is the background which is crucial. He also gave advice on economics and finance to heads of state of developing countries, in particular schaxht Non-Aligned countries, however, some of his suggestions were opposed, one of which was in the Philippines by the former Bangko Sentral ng Pilipinas head Miguel Cuadernowho firmly rebuffed Schacht, stating that his monetary schemes magix hardly appropriate for an economy needing capital investment in basic industry and infrastructure.
Written out in full the figure is: Major defendants at the Nuremberg trials.
Soon after- wards an industrial tycoon, whom I had got to know as a client of the Bank of Dresden, came to me to do business.
In particular, Social Democratic parliamentarians who had previously spumed my warnings took an active part in these criticisms. War and Diplomacy in Eastern Asia reprint ed. The Pound Sterling was the most acceptable, most versatile trading currency. Money became the epitome of property. Not only had the necessary funds to be raised in Germany, but once again foreign currency was needed before pay- ment could be made.
How questions of money can influence the course of justice is shown by the events I have lived through. In a whole series of plans aimed at restoring stable money were published, and publicly discussed. On 21 July,I received a letter from Mr Delacroix in which he informed me that the project had been approved: A bank knows from experience that not all deposits will be encashed at the same time, a fact which allows it a certain leeway.
Minister of State for Bohemia and Moravia. The transmission of payment and the granting of credit have an important common pre-condition.
The Magic of Money – Hjalmar Schacht and how to defeat hyperinflation.
He sat on his chair…No, he read shacht letters. These payments had to be made in foreign currency. Everything had to be done to prevent any new in- flation in the future. However, they yielded to the insistence of the Schacht family grandmother, who firmly believed the child’s given name should be Danish.
The management of accounts, the discounting mwgic bills of exchange, the calculation of interest, the determination of THE MAGIC OP MONEY 30 exchange rates, arbitrage in foreign bills and securities, the giro system, the handling monry cheques, the administration of securities, the floating of new issues – I felt I had to get to know all this and much else at first hand. The only section of the press which had hitherto been favoured as a vehicle for publicity consisted of die many small journals which chided and begged their way around the Berlin stock exchange and contributed teh meaningless stock exchange gossip.
I had further discussions on this theme with the Belgian Minister, Delacroix. If a single publisher can reach a daily audience of millions by means of his publications, this gives him a power which carries within it great potentials for good, but also great dangers of abuse.