Capital Controls & Hjalmar Schacht Former Minister of Economics of the German Reich - Samirul Ariff Bin Othman


Twenty five years ago a defiant Dr. Mahathir imposed Capital Controls and fired his deputy, much to the chagrin of the International Community. 

According to Milton Friedman; Capital Controls were perfected by Dr. Hjalmar Schacht. 

Dr. Schacht was the Currency Commissioner and President of the Reichsbank under the Weimar Republic, and President of the Reichsbank under the Nazi regime between 1933 and 1939. He believed that it was the activity of Jewish currency traders that caused hyperinflation in the Weimar Republic and the infamous crash of Wall Street. Schacht supported public construction programs such as the construction of autobahns (highways). 

Schacht studied medicine, philology and political Science before earning a doctorate in economics in 1899 — his thesis was on mercantilism, he boasted an IQ of 143 (the highest among Nazi leaders tested) and wrote 26 books.

In retrospect ? 

• Neoclassical View 

Economist Milton Friedman has pointed out that exchange controls were “perfected” in 1934 by Hjalmar Schacht, Adolph Hitler’s finance minister. (NCPA- 1998, p.2)


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