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Like Mr Bouffier, Mr Schaefer belonged to Dr Merkel's centre-right CDU party. He was freed on appeal in 1948. [24], Schacht pleaded not guilty to these charges. In 1937 Schacht met with Chinese Finance Minister Dr. H. H. Kung. After completing his abitur at the Gelehrtenschule des Johanneums, Schacht studied medicine, philology, political science, and finance at the Universities of Munich, Leipzig, Berlin, Paris and Kiel[5] before earning a doctorate at Kiel in 1899 – his thesis was on mercantilism.[6][7]. I hope and wish that Germany will participate in supporting the further development of China, the opening up of its sources of raw materials, the upbuilding of its industries and means of transportation."[17]. It was recreated in 2005 as "Ministry of Economics and Technology" after it had previously been merged with other ministries to form the Federal Ministry for Economics and Labour between 2002 and 2005. The district court found the publisher both civilly and criminally liable; on appeal, the appellate court reversed the criminal conviction, but found that the publisher had violated Schacht's general right of personality.[28]. "Only in 1989, were the Ministry of Economic Affairs (which can be compared with today's ideas of a comprehensive Ministry of Economic Affairs) founded. German Economy Minister Peter Altmaier has rejected speculation that the state is planning to acquire a stake in ailing steel producer Thyssenkrupp … The changes included privatization of state industries, autarky (national economic self-sufficiency) and tariffs on imports. Like many other Western nations, Germany suffered the economic effects of the Great Depression with unemployment soaring around the Wall Street Crash of 1929. No. his objection to the inclusion of Socialist Party elements in the government, and the effect of their various construction and job-creation projects on public expenditures and borrowings (and the consequent undermining of the government's anti-inflation efforts); his desire to see Germany retake its place on the international stage, and his recognition that "as the powers became more involved in their own economic problems in 1931 and 1932 ... a strong government based on a broad national movement could use the existing conditions to regain Germany's sovereignty and equality as a world power.". Like Volker Bouffier, Thomas Schaefer belonged to Angela Merkel's centre-right CDU party. Ludwig Erhard, (born February 4, 1897, Fürth, Germany—died May 5, 1977, Bonn, West Germany), economist and statesman who, as economics minister (1949–63), was the chief architect of West Germany’s post-World War II economic recovery. Schacht talked frequently with Hans Gisevius, another resistance figure; when resistance organizer Theodor Strünck's house (a frequent meeting place) was bombed out, Schacht allowed Strünck and his wife to live in a villa he owned. Subsequently, he was interned until the end of the Third Reich in the concentration camps Ravensbrück and later at Flossenbürg. In 1905, while on a business trip to the United States with board members of the Dresdner Bank, Schacht met the famous American banker J. P. Morgan, as well as U.S. president Theodore Roosevelt. In 1950, Juan Yarur Lolas, the Palestinian-born founder of the Banco de Crédito e Inversiones and president of the Arab colony in Santiago, Chile, tried to hire Schacht as a "financial adviser" in conjunction with the German-Chilean community. Erhard was appointed federal vice-chancellor in 1957 and succeeded Adenauer as chancellor in October 1963. The European Central Bank is also located in Frankfurt. Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. Thomas Schaefer, the finance minister of Germany's Hesse state, has committed suicide apparently after becoming "deeply worried" over how to cope with the economic fallout from the coronavirus, state premier Volker Bouffier said on Sunday. The Wiesbaden prosecution's office said they believe he died by suicide. Hitler accepted the suggestion, and authorised him to negotiate with his London contacts. By the end of 1948 the currency reforms that he had instituted the preceding summer, coupled with the abolition of rationing and of other commercial restrictions, had already somewhat buoyed the prostrate German economy. We have been experiencing some problems with subscriber log-ins and apologise for the inconvenience caused. His views in this regard led Schacht to clash with Hitler and most notably with Hermann Göring. Let us know if you have suggestions to improve this article (requires login). You can read this subscriber-only article in full, All done! They urged Hitler to reduce military spending, turn away from autarkic and protectionist policies, and reduce state control in the economy. By registering, you agree to our T&C and Privacy Policy. Schacht died in Munich, Germany, on 3 June 1970. [2], In 1944, Schacht was arrested by the Gestapo after the assassination attempt on Hitler on 20 July 1944 because he allegedly had contact with the assassins. Event - Open detail view [6], Schacht became a friend of the Governor of the Bank of England, Montagu Norman, both men belonging to the Anglo-German Fellowship and the Bank for International Settlements. FRANKFURT AM MAIN (AFP) - Mr Thomas Schaefer, the finance minister of Germany's Hesse state, has committed suicide apparently after becoming "deeply … Hitler, however, knew that Schacht's departure would raise eyebrows outside Germany, and insisted that he remain in the cabinet as minister without portfolio. Mr Schaefer, 54, was found dead near a railway track on Saturday. He also gave advice on economics and finance to heads of state of developing countries, in particular the Non-Aligned countries; however, some of his suggestions were opposed, one of which was in the Philippines by the former Bangko Sentral ng Pilipinas head Miguel Cuaderno, who firmly rebuffed Schacht, stating that his monetary schemes were hardly appropriate for an economy needing capital investment in basic industry and infrastructure. Schacht's disillusionment with the existing Weimar government did not indicate a particular shift in his overall philosophy, but rather arose primarily out of two issues: Schacht believed that if the German government was ever to commence a wholesale reindustrialization and rearmament in spite of the restrictions imposed by Germany's treaty obligations, it would have to be during a period lacking clear international consensus among the Great Powers. Following the Kristallnacht of November 1938, Schacht publicly declared his repugnance at the events, and suggested to Hitler that he should use other means if he wanted to be rid of the Jews. The word Abrechnung has the literal meaning of deduct, however this can also mean to balance the books or to settle an account. During 1930, Schacht campaigned against the war reparations requirement in the United States. He served as the Currency Commissioner and President of the Reichsbank under the Weimar Republic. A visibly shaken Volker Bouffier recalled that Thomas Schaefer, who was  Hesse's finance chief for 10 years, had been working "day and night" to help companies and workers deal with the economic impact of the pandemic. 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