The history of the economic crisis in Germany before the Second World War began with the signing of the Treaty of Versailles in 1919. The WWI winners deprived the country of a part of its territories with three-quarters of iron ore reserves. German was supposed to pay $33 billion of reparations.

Germany plunged into the chaos of inflation. One US dollar cost 4.2 trillion Deutsch Marks. People were lining up for food brings bags of money along.

That was the time when Adolf Hitler urged the nation to switch to dictatorship to rescue the nation’s economy. German authorities conducted a monetary reform in 1923, which made the economy of the country grow.

Germany suffered most from the Great Depression in the United States in 1929. The economic setback in the United States deprived Germany of the source of finance. The frequent change of governments in the nation exacerbated the situation even more. Adolf Hitler became Germany’s fifth chancellor on January 30, 1933 . Everyone hoped that Hitler would stay at power for a couple of months, like his four predecessors, but Hitler gave all of them something to remember.

German banker Schacht organized a secret meeting of the new chancellor with Bosch, Krupp and other prominent financiers and industrialists. Hitler promised all them to do away with the crisis, communists, trade union, the Treaty of Versailles and to recreate the nation’s army. The oligarchs agreed to support Hitler.

Hjalmar Horace Greeley Schacht is a legendary persona. He chaired Germany’s Reichsbank in 1923, conducted successful reforms, stopped the hyperinflation and attracted loans from the United States. He became known as the savior of the nation. Schacht resigned in 1930 and became an official spokesman for Morgan, a renowned banker linked with Rockefeller and Rothschild. Schacht did a lot to help German Nazis and Hitler rise to power.

It was obviously easy for Hitler to destroy his political rivals. However, it was a lot harder to retrieve the paralyzed economy of the country with 68,000 bankrupt enterprises and a huge army of the unemployed.

On March 23, The Reichstag passed the law about the liquidation of the disastrous state in the nation. The deputies delegated full authorities to the chancellor. Schacht chaired the Reichsbank again. Fuhrer believed that Schacht was the only Arian who could outwit Jews in terms of finance.

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