Hjalmar Schacht Biography
(Reichsminister of Economics (1934 - 1937))
Birthday: January 22, 1877 (Aquarius)
Born In: Tinglev, Denmark
Hjalmar Horace Greeley Schacht was a German investor, financier, banker, economist, and statesman who was appointed as the currency commissioner and president of the Reichsbank under the Weimar Republic. The co-founder of the German Democratic Party in 1918, he was one of the most vocal detractors of Germany’s post-World War I reparation commitments. He served as the President of the Reichsbank in Adolf Hitler’s administration for about six years between 1933 and 1939 and was made the Minister of Economics in August 1934. Schacht played a pivotal role in the meteoric rise of the German economy in the 1930s. However, he criticised Hitler's policy of German re-armament as it infringed the Treaty of Versailles. He also believed that it impacted the German economy negatively. These views resulted in a conflict with Hitler and most importantly with Hermann Göring. He was sacked from his position in the Reichsbank in January 1939, but the Third Reich still kept him as a minister without portfolio. Following the attempted assassination of Hitler in July 1944, he was taken into custody by the Gestapo. He was subsequently imprisoned in several concentration camps until the fall of the Third Reich. Schacht was still prosecuted at Nuremberg but was fully exonerated.