Explaining History Hitler and Hjalmar Schacht
Feb 19, 2018
In 1933, Hitler appointed Hjalmar Schacht as president of the Reichsbank, a move driven by Hitler's economic ignorance. The podcast delves into the contradictions between Schacht's stabilization efforts and Hitler's rearmament policies. It explores Germany's economic turmoil, including foreign debt and balance of payments issues, revealing aggressive tactics employed by the Nazi government. Additionally, it highlights critical shortages of raw materials that jeopardized both economic recovery and military strength, showcasing the tensions between leadership and industry concerns.
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Hitler's Vague Economic Approach
- Hitler had little understanding or interest in economics, viewing it merely as a matter of racial conquest.
- His economic policies were vague to maintain broad appeal and avoid alienating any segment of society.
Schacht's Financial Role
- Hjalmar Schacht, appointed Reichsbank president in 1933, brought financial engineering skills to the Nazi regime.
- His methods aimed to stabilize Germany's economy despite underlying issues that later caused conflict with Hitler.
MIFO Bills Hidden Rearmament Finance
- The MIFO bills were innovative financial tools to secretly finance rearmament through government-backed bonds.
- Initially secretive, rearmament funding later shifted to taxation as the economy recovered and secrecy was no longer needed.
