Schacht, Hjalmar Horace Greely 1877-1970
German financier

Born of Danish descent in Tinglev, North Schleswig, he was brought up in New York City where his father was a merchant. In 1923 he became president of the Reichsbank, and founded a new currency which ended the inflation of the mark. He resigned in 1929, was called back by the Nazis in 1933, and the following year, as Minister of Economics, succeeded in restoring the German trade balance. He resigned his post in 1937, and in 1939 was dismissed from his office as president of the Reichsbank after disagreeing with Hitler over expenditure on rearmament. He was charged with high treason and interned by the Nazis; in 1945 he was acquitted by the Allies at Nuremberg of crimes against humanity, and was finally cleared by the German de-Nazification courts in 1948. In 1952 he advised Dr Mohammad Mosaddeq on Persia's economic problems, and in 1953 set up his own bank in D�sseldorf.