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1 results

  • 7 - Conclusion

  • Carl-Ludwig Holtfrerich, Freie Universität Berlin
  • Book:
    Edward A. Tenenbaum and the Deutschmark
    Published online:
    19 October 2024
    Print publication:
    31 October 2024, pp 626-630

  • Summary

    Here I concisely summarize Tenenbaum’s currency-reform activities in West Germany. I pick up the question what role the Reich Group Industry, managed by Ludwig Erhard’s brother-in-law, who in 1943 commissioned Ludwig Erhard’s study "War Financing and Debt Consolidation," had played in Erhard’s second turncoat behavior up to his unsolicited application for commissions by the US Occupation Power. I praise General Lucius D. Clay’s shrewdness in using Erhard with his free market rhetoric as a pawn in the struggle to keep socialism and communism in West Germany at bay. I advance a thesis why Erhard appropriated Tenenbaum’s merit. In the first two postwar decades, it seems to have been mentally impossible for the people of defeated Germany – still infected by Nazi antisemitism - to recognize and appreciate the fact that the basis of West Germany’s resurgence, the currency reform of 1948, was owed to Jewish masterminds. I conclude with a comparison of Tenenbaum’s and Erhard’s characters.