The Myth of Hitler as Monetary Reformer

By Anthony Migchels — (This article abridged by Sept 16, 2013

Despite his pledges, Hitler did not implement any serious monetary reform after he came to power. He did make finance completely subservient to the State and, more specifically, rearmament. But he did not nationalize any banks. The Reichsbank was already nationalized by the Weimar Republic. He did not end interest payments to ‘the issuing houses’, who must have made a fortune throughout the war. He did nothing to decouple the Stock Exchange from the economy.
Hjalmar Schacht became Reichsbank President in August 1934. Schacht’s policies allowed full control of the economy to maximize production for war. But it did absolutely nothing to limit massive war profiteering by the financial and industrial classes that brought Hitler to power. Hitler used the monetary system that he inherited from the Weimar Republic. The Reichsmark, like any other banking unit, was lent into circulation.


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