HJALMAR SCHACHT 1877 – June 1970
Hjalmar Schacht was born on January 22, 1877, in Tingleff, then part of the German Empire (now Tinglev, Denmark). He studied economics and philosophy in Kiel, Munich, Berlin, and Paris, and earned a doctorate in political science.
Schacht began his career in banking and rose to prominence during World War I as a financial expert. After the war, he played a key role in stabilizing the German currency during the hyperinflation crisis of the early 1920s. He was appointed President of the Reichsbank in 1923 and again in 1933, shortly after the NSDAP came to power. He also served as Minister of Economics from 1934 to 1937, where he was instrumental in implementing policies that helped reduce unemployment and restore industrial production.
Although Schacht supported the early economic recovery efforts under Adolf Hitler, he increasingly opposed the regime’s militarization and antisemitic policies. He was dismissed from the Reichsbank in 1939. Later implicated in the July 20 plot to assassinate Hitler, Schacht was arrested and sent to concentration camps but survived the war.
After being acquitted at the Nuremberg Trials, he briefly returned to private banking. Hjalmar Schacht died on June 3, 1970, in Munich, West Germany, from natural causes.
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