From (1) Reich and Prussian Minister of Economics and General Plenipotentiary (1937), and (2) President of the Reichsbank (1939) (discussion, Kopper (1998)). While it’s an inexact analogy, it’s of interest to recall it was Hermann Göring. I thought of this when I saw Russell Vought on TV today:
Office of Management and Budget Director Russell Vought vowed Friday to press an investigation into renovations at the Federal Reserve building, which he called a “palace” where costs are running amok.
A great line from the Wikipedia entry on Schacht:
[Schacht] had grown increasingly dissatisfied with Göring’s near-total ignorance of economics, and was also concerned that Germany was coming close to bankruptcy.
The main points of disagreement were the Goering’s demand for rearmament despite fiscal strains, aiming for autarky/self-reliance, and dismissal of concerns about deficit spending. Sounds familiar to me.
<small>* Aside: Walther Funk succeeded Schlacht as President of the Reichsbank. I spent half a year living in Funk’s house, on the Wannsee, currently the home of the American Academy in Berlin (as a guest of my wife, a fellow there).</small>
Funny you should mention the similarity. Vought has ‘laid out plans to use armed forces to quell any domestic “riots.”’, by which he meant protests agaist his prefered policies. Göring would be so proud.
https://www.propublica.org/article/video-donald-trump-russ-vought-center-renewing-america-maga
Off topic – A new ECB study estimates that as much as 4.7% of EMU GDP could be lost to extreme weather events by 2030:
https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250709~aed804c955.en.html
The authors note that this 5-year estimation horizon is consistent with typical central bank forecasting – within the period normal business and interest rate cycles. It is also a short enough period that climate deniers and their ilk can’t credibility moan about the flakiness of long-term forrcasts.
The authors note that a 4.7% annual loss in output is similar in scale to the losses of the Great Financial Crisis. What I think is implied, though, is that losses anticipated in this study are not a one-time thing. There is no recovery, just continued losses.
In contrast to the potential 4.7% annual loss from extreme weather events, note that the European Green Deal, which aims ar a 55% reduction in greenhouse gas emissions by 2050, is expected to cost just 0.5% of GDP.
Anyone know of a similar study for North America? Let us know before it gets stuffed down the memory hole.
Losses are not evenly distributed across sectors. Losses to farm output could reach 15%, which raises some grim prospects for food supply.