I stand determined to bring to its conclusion the transformation of the German Reichsbank—a path pursued ever since January 30, 1937—from an internationally controlled bankers’ enterprise to the institution of monetary issue of the German Reich.
- Adolf Hitler, January 30, 1939
historian Max Domarus's four volume, 3330 page Hitler: Speeches and Proclamations (1990 - 2004).
A few quotes:
Hitler’s economic program was the exact opposite of Brüning’s. With a supreme disregard of money matters—a trait he also exhibited in his private affairs—he categorically refused to consider the objections of orthodox economists to his measures, insisting that it was ridiculous to back up German currency with gold or foreign exchange funds:
Neither gold nor foreign exchange funds, but work alone is the foundation for money! (Jun 6, 1937)
The salvation of our Volk is not a financial problem; it is exclusivel a problem of utilizing and employing the available work force on the one hand and exploiting available soil and mineral resources on the other. The national community (Volksgemeinschaft) does not subsist on the fictitious value of money but on actual production, which gives money its value. This production is the primary cover for a currency, not a bank or a vault full of gold! And when I increase this production, I am actually increasing the income of my fellow citizens; if I decrease production, I decrease income, regardless of what salaries are being paid out. (January 30, 1937)
This miracle was naturally accomplished with the aid of the printing press, using the method of excessive creation of currency by the so-called Mefo-Wechsel System devised by Hitler’s “financial wizard,” Hjalmar Schacht. By simultaneously enforcing strict price controls, the Reich government seemed able to finance arms production while bolstering the German mark even after gold coverage had been abandoned and foreign exchange control instituted. However, these artificial achievements were short-lived. The damage done to the currency in financing unrestrained arms production was knowingly accepted as unavoidable, for, as the gambler Hitler expected, victorious campaigns would bring about a solution before inflation would break out.
October 4, 1936 Hitler separated German currency from the world monetary market indicating that, rather than gold or other countries’ opinions, his currency was backed by “the productive capacity of the Volk.” The devaluation of most of the major currencies in 1936 led Hitler to ignore international monetary requests for similar action, thus causing con ersion problems. is was just as well for Hitler, who looked forward to economic autarky.
Loads more details and speeches on this pdf version of the book.