@Anung Un Rama
This is a fascinating first-person account from the aforementioned architect of the Nazi economy. I take his word with slightly more than a grain of salt because of 1) the tangible distance he put between himself and the regime prior to the war, and 2) because he was actually cleared during the Nuremberg trials. I guess it's worth mentioning he was arrested in 1944 for his part in the Assassination Plot.
Dude probably possessed more power and influence in the country than anyone aside from Hitler himself for a period given he was both President of the Reichsbank
and Minister of Economics with an incredible amount of power to wield within German finance, commerce and industry. This all despite never officially joining the party.
Me thinks Hitler really fucked up when he took the reigns of economic policy from the hands of Hjalmar Schacht and gave them to Hermann Göring on the basis of ideology and agenda over skill and qualifications. It's akin to removing Albert Einstein from the head of your physics institute and giving leadership duties to a random undergrad.
A slight chance history could've gone a different direction.
There was a special problem connected with my visit to London in December 1938; it was my last visit abroad in an official capacity. It had been preceded by the disgraceful destruction of the Jewish synagogues on 9 November 1938, and the fine imposed on the Jews of one billion Reichsmarks.
I had made no attempt to conceal from Hitler my opinion of this latest barbarism staged by Goebbels, and had told him frankly that this kind of thing could not go on. "If you won't formulate some legal basis for the Jews in Germany by which they can live their lives in decent conditions, you must at least allow them facilities for emigration."
Hitler himself seemed ill at ease in face of the world-wide repercussions aroused by the bestiality of November 9. He gave me an enquiring look. "Have you any suggestions?"
I unfolded my plan: "The whole of the property of Jews in Germany shall be brought into a trust company who will administer it according to law. This trust company shall be governed by an international committee, on which the Jews are also represented. On the basis of this property held in trust by way of security the committee will issue a loan in the international market amounting to, say, one to one-and-a-half billion Reichsmarks.
This loan carries an interest of about five percent and is repayable by annual installments over a period of twenty to twenty-five years. The German Government guarantees the transfer of interests and repayment installments in dollars so that the loan can be issued as a dollar loan. Jews all over the world will be urged to subscribe."
"And what is to be done with the dollars?"
"Out of the dollar proceeds of this loan every Jew wishing to emigrate will receive a certain sum which will facilitate his reception in another country and serve as a foundation on which to build a new life."
I was well aware that this was not an ideal proposition. But I feared that any chance of economic existence for the Jews would be completely destroyed by the party unless something was done to prevent it. My suggestion would mean that Jewish property in Germany would be preserved intact over a period of years. In the meantime, many new developments could occur.
To my great astonishment Hitler declared he had no objection to my attempt to put this idea into practice. At my suggestion he authorized me to convene a political discussion in London. The negotiations took place there from December 14 to 17, 1938. I contacted Lord Bearsted of the firm of Samuel & Samuel, who reacted sympathetically to the proposal, while other firms, as he informed me, turned it down.
There followed a discussion with Mr. Rublee, the American and British chairman of the so-called Evian Committee, and Lord Winterton, the British Minister, both of whom as well as Lord Bearsted were interested in following up my plan and in getting to work on those lines.
But this attempt to relieve the international situation failed also when I was dismissed from my office of President of the Reichsbank by Hitler on 20 January, 1939. My official connection with London was broken.
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