Hjalmar Schacht

Date of Birth: January 22, 1877

Zodiac Sign: Aquarius

Date of Death: June 3, 1970

Biography

Hjalmar Schacht was a German economist, banker, and politician, best known for his role in the economic stabilization of Germany during the interwar period. Born on January 22, 1877, in Tingleff, Denmark (then part of the German Empire), Schacht pursued an academic career in economics, earning a doctorate from the University of Kiel. Schacht’s career began at Dresdner Bank, where he quickly rose through the ranks due to his keen financial acumen. His big break came when he was appointed as the Commissioner for National Currency in 1923, a role in which he successfully tackled the hyperinflation crisis that plagued Germany. He introduced the Rentenmark, which helped stabilize the economy and earned him the title of “Savior of the Mark.” In 1924, Schacht was appointed President of the Reichsbank, Germany’s central bank, a position he held until 1930 and then again from 1933 to 1939. During his tenure, he became a key economic advisor to Adolf Hitler and was instrumental in financing Germany’s rearmament in the lead-up to World War II. Despite his initial support for the Nazi regime, Schacht’s relationship with Hitler soured over time, leading to his dismissal in 1939. After World War II, Schacht was tried at the Nuremberg Trials but was acquitted of war crimes. He subsequently returned to private banking and remained active in economic circles until his death on June 3, 1970.

5 Interesting Facts about Hjalmar Schacht

1. Hjalmar Schacht introduced the Rentenmark in 1923, which was crucial in ending the hyperinflation crisis in Weimar Germany.

2. He played a significant role in funding Germany’s rearmament in the 1930s, although he later fell out of favor with the Nazi regime.

3. Schacht was acquitted of war crimes at the Nuremberg Trials, despite his high-ranking position in Nazi Germany.

4. He authored several books on economics, including “The Magic of Money” and “Account Settled.”

5. Schacht was fluent in multiple languages, including German, English, and French, which aided him in his international banking career.

5 Most Interesting Quotes from Hjalmar Schacht

1. “The economy is a very sensitive organism.”

2. “The aim of war is victory; the aim of victory is conquest; and the aim of conquest is occupation.”

3. “Inflation is like toothpaste. Once it’s out, you can hardly get it back in again.”

4. “I was Hitler’s banker.”

5. “A sound currency is the first necessity of a sound economy.”

Highest Net Worth Achieved

Hjalmar Schacht’s highest net worth is not well-documented, but he was a prominent figure in both public and private banking sectors, which suggests he was financially well-off.