Hjalmar Horace Greeley Schacht

In a meeting arranged by Goering, Hitler gets to preach his party line to top banker Hjalmar Schacht, and German Industrialist Fritz Thyssen. Both became major financial backers of the Nazi party.

Due to Communist party power growing in Germany some predominant powers began a petition to get Hindenburg to appoint Hitler to the chancellorship.

After three weeks of being appointed as president of the Reichsbank by Hitler Schacht gives the German government a check for $70 million dollars. The money was used to pay down some of Germany’s mounting foreign debt.

After three weeks of being appointed as president of the Reichsbank by Hitler Schacht gives the German government a check for $70 million dollars. The money was used to pay down some of Germany’s mounting foreign debt.

After the anti-Nazi boycott had started Schacht met with von Neurath and Hitler to talk about the dire situation. For a remedy Schacht purposes that the Reichsbank freeze accounts of foreigners and emigrants. This frozen money would be used to pay reparations while the owners would only be able to spend their money in Germany.

Schacht then President of Reichsbank had come to America to talk to President Roosevelt and the Secretary of State Hull about the current Germany situation. Roosevelt voiced concerns about the Jewish persecution going on in Germany, but was eager to mend economic ties. Also at the meeting Schacht dropped the bomb - Germany was running out of finances and would soon be defaulting on all external loans. Roosevelt’s response was “Serves the Wall Street bankers right!”. Hull was more concerned with this news and the affects that it would have on the depression ravaged American economy.

Schacht also met with President of RCA David Sarnoff and other prominent Jewish group heads including Stephen Wise. Schacht repeated the Nazi rhetoric that what was happening inside of Germany was not the concern of foreigners. The talks broke down and went nowhere - especially seeing that the Jews knew that the boycott was crippling Germany’s economy.

When Schacht was leaving he was contacted by James McDonald on behalf of the Foreign Policy Association. McDonald stated that France was talking about invading Germany and dividing up the country if the Jewish persecution continued. The information was relayed to Hitler after Schacht was back on the boat to Germany.