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The Reichsbank was established by legislation of the Reichstag of 14 March 1875, and assumed its new role on 1 January 1876 when it succeeded the Bank of Prussia. Meanwhile, between 1873 and 1875 the Bank of Prussia assumed all the assets and liabilities of the Hamburger Bank, which was a major monetary anchor in Northern Germany.
Rudolf Brinkmann (28 August 1893 – 1 August 1955 [a]) was a German economist and banker who rose to become a State Secretary in the Reich and Prussian Ministry of Economics and the Vice President of the Reichsbank in Nazi Germany. After only about a year in office, he had a nervous breakdown, was hospitalized for a severe psychiatric ...
Hjalmar Schacht (born Horace Greeley Hjalmar Schacht; 22 January 1877 – 3 June 1970, German pronunciation: [ˈjalmaʁ ˈʃaxt]) was a German economist, banker, politician, and co-founder of the German Democratic Party.
To mask the acquisition, the Reichsbank understated its official reserves in 1939 by $40m relative to the Bank of England's estimates. [2] During the war, Nazi Germany continued the practice on a much larger scale. Germany expropriated some $550m in gold from foreign governments, including $223m from Belgium and $193m from the Netherlands. [2]
Rudolf Emil Albert Havenstein (10 March 1857 – 20 November 1923) was a German lawyer and president of the Reichsbank (German central bank) during the hyperinflation of 1921–1923. [1] Havenstein was born in Meseritz (Międzyrzecz), Province of Posen. He came from a family of government officials and studied law in Heidelberg and Berlin ...
To pay for the large costs of the First World War, Germany suspended the gold standard (the convertibility of its currency to gold) when the war broke out in 1914. Unlike France, which imposed its first income tax to pay for the war, German Emperor Wilhelm II and the Reichstag decided unanimously to fund the war entirely by borrowing.
Former Reichsbank building in 2009. The former Reichsbank building (in German the Haus am Werderschen Markt) is a building in Berlin, Germany, originally built in 1934–38 to house the Reichsbank, and today housing part of the Foreign Office. One of the remaining examples of Nazi architecture, the building was commissioned in 1933.
The Reichsmark (German: [ˈʁaɪçsˌmaʁk] ⓘ; sign: ℛ︁ℳ︁; abbreviation: RM) was the currency of Germany from 1924 until the fall of Nazi Germany in 1945, and in the American, British and French occupied zones of Germany, until 20 June 1948.