Back in 1931, the satirical little German magazine Simplicissimus published a prophetic bit of verse. It went:

And when we go to war at last,

Just fight and die, you duffer.

But win or lose, the war once past,

Be sure Herr Schacht won't suffer.

Purse-lipped, stiff-necked Dr. (of economics) Hjalmar Horace Greeley Schacht,* the seeming epitome of bankerly rectitude, has always known how to land right side up. Under Kaiser Wilhelm II he was an ardent nationalist; when the Weimar Republic was popular, he was an ardent Democrat and president of the Reichsbank; when...

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