Hjalmar Schacht

Date of Birth: January 22, 1877

Zodiac Sign: Aquarius

Date of Death: June 3, 1970

Biography

Hjalmar Schacht was born on January 22, 1877, in Tingleff, Schleswig-Holstein, which was then part of the Kingdom of Prussia. He was a prominent German economist and banker who played a crucial role in the financial stabilization of Germany during the Weimar Republic and later during the early years of the Third Reich. Schacht studied political economy, finance, and philosophy at the University of Kiel, the University of Munich, and the University of Berlin. He began his career at the Dresdner Bank and later became the director of the Nationalbank für Deutschland. In 1923, he was appointed Currency Commissioner for Germany and helped introduce the Rentenmark, which stabilized the German currency after the hyperinflation crisis. In 1933, Hjalmar Schacht was appointed President of the Reichsbank by Adolf Hitler. He played a significant role in financing the Nazi regime’s rearmament through innovative financial strategies. However, he eventually fell out of favor with Hitler and was dismissed from his position in 1939. He was later imprisoned by the Nazis but survived the war. After World War II, Schacht was tried at the Nuremberg Trials but was acquitted. He spent his later years as a financial consultant and author, writing several books on economics and his experiences during his career. Hjalmar Schacht passed away on June 3, 1970, in Munich, Germany.

5 Interesting Facts about Hjalmar Schacht

1. Hjalmar Schacht was instrumental in introducing the Rentenmark, which stabilized the German economy after the hyperinflation of 1923.

2. He served as the President of the Reichsbank during the early years of the Nazi regime but was dismissed in 1939 due to disagreements with Hitler.

3. Schacht was acquitted at the Nuremberg Trials, where he was charged with crimes against peace but was found not guilty.

4. He wrote several books, including “The Magic of Money,” which details his views on economics and his experiences in the banking world.

5. Schacht was imprisoned by the Nazis towards the end of World War II but was later freed by Allied forces.

5 Most Interesting Quotes from Hjalmar Schacht

1. “The economy is a very sensitive organism. It needs careful handling and tending.”

2. “Money is nothing more than a promise, and a promise is only as good as the man who makes it.”

3. “The art of managing a state lies in knowing the exact balance between the needs of the people and the demands of the Treasury.”

4. “A sound currency is the life-blood of a nation.”

5. “Economic policy cannot be based solely on pure mathematics; it also involves human behavior and psychology.”

Highest Net Worth Achieved

Hjalmar Schacht’s net worth is not well documented, but as a prominent economist and banker, he was likely well-compensated during his career. His highest net worth is estimated to be in the range of several million Reichsmarks.

Children

Hjalmar Schacht had two children with his first wife, Luise Schacht, and a daughter with his second wife, Manci Stein. His children’s names are: 1. Cordula Schacht 2. Jens Schacht 3. Konradin Schacht