Finance under the new plan

The file contains a report of a speech made by Hjalmar Horace Greeley Schacht, President of the Reichsbank and former Minister of Economics. He spoke at the economic council of the German academy, on November 29th in 1938. In his speech he caters to the factor that since the seizure of power by the National Socialism foreign criticism in the economic sphere has always directed two particular arguments against Germany. The first was that German finances were developed on an entirely unsound basis and most inevitable lead in a very short time to collapse, and the second that Germany would come to grief through the shrinking of its foreign trade, through its isolation from the world-market. But, so he argues, after waiting long enough in vain for the collapse, this argument appeared as a mistake and now the foreign criticism convent. The financial marvel that has been achieved in Germany is known as the 'New Plan'.