The story is thrilling. Built in two parts, the first, that supposed Hjalmar Schacht, the banker, speaking following his moral codes and its psychology, knowledge deduced from the books he has written, and that of the author who puts in perspective nuance or contradict.
Schacht has done through the decisive impetus he gave to the economic policy of Germany, rescued not once, under Hitler, but three times his country.
1 / The first time was as a Commissioner to the currency of the Weimar Republic in late 1923, it helps reduce hyperinflation and stabilizing the mark.
2 / The second time, as well acquired by inflexible tenacity, president of the Reichsbank, at the request of Friedrich Ebert, President of the Republic, and Gustav Stresemann, he maneuver to save the interests of Germany in the development of the Young American plan, to reduce war reparations which Germany is compelled after the Treaty of Versailles. Germany will then illustrate it brilliantly knows how: never pay its debts.
Jean-François Bouchard illustrates how Schacht succeeded in what Germany pays to the Allies that 10 billion of the 132 billion gold marks and even (!) By borrowing in foreign industrial mainly American and English. It is besides at that time, as part of a well-understood policy of political isolation of France on the one hand and the desire to weaken economically, secondly, that the US industry invested in the duration, the capital of German companies, including during the Second World War - see, written in English, Trading With the Enemy: the Nazi-American stud 1933 - 1949 where the reader will learn that Adolf Hitler held in high esteem one its donors, a Henry Ford and Rockefeller also, Du Pont, and chef's surprise - unearthed by the author's father, George Bush, Prescott Bush! It would also be regrettable not to mention the pro-German friendships of the father of John Kennedy.
So - and the author shown weakness in its clear presentation and structure-yet for the repair of a outbreak of war, occupation and the destruction of nearly 30% of French territory, according to a principle that France has always honored (after the disaster of Waterloo of Napoleon I, then after that of Sedan Napoleon III), namely payment of war debts, Germany had to compensate the Allies, mainly French. She did nothing.
3 / The third time under Hitler for which he had campaigned without being a member of the Nazi party to power, by bringing powerful German industrial interests (twenty great fortunes will continue to be enriched during the war, by including work of legions of slaves in concentration camps, or by producing Zyklon B, the gas chambers of extermination) in 1933. For a proactive policy of deficits, without inflation, investments in infrastructure (roads ) and industrial restructuring (military) he allowed hyper unemployment quickly to reverse. The author, like many times, is right to insist on the fact that it is not, contrary to the oath we Eurocrats all the time, inflation has favored access to power Hitler, but quite the contrary (there was none), hyper unemployment.
Translated to the Tribunal of Nuremberg Schacht denied the evidence of its support for the accession to power of Hitler. After a short stay in prison, like the majority of Nazi criminals who escaped death very quickly reintegrated into German society (like the German Chancellor Kiesinger, who in 1968, was slapped by Beate Klarsfeld), he was Board economic development of countries.
Schacht died surrounded by his family at the age of 93 years 3 June 1970.
Schacht is nevertheless an example of a practical economist, on three occasions, by its willingness to intervene in the economy, against the liberal ideology that undermines our economies, saved three times the economy of his country. The despair caused by unemployment inflation in a deflationary environment, would need such treatment, the iron fist of a disciple of Schacht. This is demonstrated with enthusiasm Jean-François Bouchard for precisely oppositely that Schacht did in 1932, to save our democracies.
NB: small annoyance when twice the author puts on the same plane, in the deportation of the Jews and homosexuals. Stop rewriting history!
