Menu JTA Search

Sees a ‘violent Crisis’ for Reich if Schacht’s Economic Policies Fail

If the “orthodox” economic policies of Dr. Hjalmar Schacht, president of the Reichsbank, do not succeed, then Germany will go into some form of “violent economic crisis,” Laird Bell, Chicago attorney, predicted in a talk here before the Milwaukee Bond club.

Bell was a representative of the foreign bondholders’ protective council, a quasi – governmental group, at conferences held in Berlin last December.

Nazi philosophy is one of national self-sufficiency and Nazi extremists “care little about export trade or keeping their credit good by honoring past foreign debts” The hope of American creditors lies chiefly, therefore, with the financial methods pursued by orthodox economists such as Dr. Schacht, Bell declared.