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Hjalmar schacht

The meaning of «hjalmar schacht»

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 government as President of the Central Bank (Reichsbank) 1933–1939 and became Minister of Economics (August 1934 – November 1937).

While Schacht was for a time 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 clash with Hitler and most notably with Hermann Göring[citation needed]. He was dismissed as President of the Reichsbank in January 1939. He remained as a minister without portfolio, and received the same salary, until he was fully dismissed from the government in January 1943.[2]

In 1944, Schacht was arrested by the Gestapo after the assassination attempt on Hitler on 20 July 1944 because he allegedly had contact with the assassins. Subsequently, he was interned in the concentration camps Ravensbrück and later at Flossenbürg. In the final days of the war, he was one of the 134 special and clan prisoners[a] who were transported by the SS from Dachau to South Tyrol. This location is within the area named by Himmler the "Alpine Fortress", and it is speculated that the purpose of the prisoner transport was with the intent of holding hostages. They were freed in Niederdorf, South Tyrol, in Italy, on 30 April 1945.[4]

Schacht was tried at Nuremberg, but was fully acquitted over Soviet objections; later on, a German denazification tribunal sentenced him to eight years' hard labor, which was also overturned on appeal.

In 1955, he founded a private banking house in Düsseldorf. He also advised developing countries on economic development.

Schacht was born in Tingleff, Prussia, German Empire (now in Denmark) to William Leonhard Ludwig Maximillian Schacht and baroness Constanze Justine Sophie von Eggers, a native of Denmark. His parents, who had spent years in the United States, originally decided on the name Horace Greeley Schacht, in honor of the American journalist Horace Greeley. However, they yielded to the insistence of the Schacht family grandmother, who firmly believed the child's given name should be Danish. After completing his Abitur at the Gelehrtenschule des Johanneums, Schacht studied medicine, philology, political science, and finance at the Universities of Munich, Leipzig, Berlin, Paris and Kiel[5] before earning a doctorate at Kiel in 1899 – his thesis was on mercantilism.[6][7]

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