who was Hajlmar schact
Answers
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Answer:
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Explanation:
Hjalmar Schacht was born on 22 January 1887 in Tinglev, in Schleswig. He was the son of a rich Danish businessman and studied economics in Germany before joining the Dresdner Bank in 1903.
Appointed President of the Reichsbank in December 1923, he succeeded in stabilising the new Mark after the disastrous hyperinflation crisis of 1923, but handed in his resignation in 1930 to protest against the continuance of war reparation payments, as dictated by the Treaty of Versailles.
Despite having very little sympathy for the Nazis from the beginning, he admired their electoral success, made the acquaintance of Hitler and facilitated contacts for him with the financial community in 1932. He agreed to again become head of the Reichsbank in March 1933 and became Minister of the Economy from 1934 till 1937. However, he became at loggerheads with Goring, who was in charge of the Four Year Plan, demanded a reduction in the cost of armaments and thus became a suspect of the regime. He was obliged to resign from the presidency of the Reichsbank in January 1939
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