Here’s a copy and paste from the 1933 article:
Rise in Stocks Reflects Confidence He Will Not Disrupt Nation’s Affairs
Berlin is settling down to pass judgment on political developments. Politicians, economists and bankers declare there is usually wide discrepancy between the speeches of opposition politicians and the actions of the group when it gains power.
Consequently, it is not believed that Hitler will accomplish a change in the constitution or that [Reich Minister of Economics Alfred] Hugenberg will bring about a general reduction of interest rates. The government wants to obtain an adjournment of the Reichstag for several months, but it is questionable whether the Centre [Party] will approve of such action.
This unpacks on so many levels, so let’s take the awful view of how it impacted ONLY the monetary policy, and not factor in the holocaust and millions dead…and erosion of civil liberties, dismantling of democratic institutions, and the bypass of the parliament…let’s just say look at it from that statement “considerable gains in stocks” that supposedly indicated good times were ahead under the new government.
The US depression reached global markets and brought everything down, while also the massive fucking war tanked Germany’s economy under the war machine strain.
Leave it to investors to make awful miscalculations over and over, then amazingly, we still listen to those fuckers a hundred years later after repeated miscalculations and massive financial ruination. But hey, around 500 people got shit rich so fuck it, yaaaaaay capitalism.
The one thing I also find really fucked is how the r/Austrian_economics on reddit even genuinely believe the quote by Thomas Sowell that just because businesses fail at shit, doesn’t mean the government will do a better job…
Like fucking hell! Even when governments fail at doing stuff (and not all government programs are successful, I know) their failures are accountable to the public. If a private health insurance agency has their death panels (and I mean ACTUAL death panels. They exist in the private sector FAR MORE than any public health agency ever) end up never paying out or delaying payouts until the claimant is dead (and thus doesn’t need the money anymore… so why give it out?) This is somehow OK… and the company will never be forced to answer for why their system sucks so hard at providing healthcare.
I live in Canada and we have an increasingly privatized system. I had to go on sick leave and I needed at least 6 months to recover. I got a doctor’s note who never signed anything like what I was asking for and simply thought that he could sign in for a month and then it can be renewed every month. Guess what? My company used a private healthcare insurance for handling stuff like this. When I got renewals they didn’t care. They said that because my first doctor did not word his statement correctly they would support only one month, and any time I spend on sick leave beyond that is entirely unpaid. The amount of shit and paperwork they asked for absolutely shocked all the doctors I worked with and they outright said that what they were doing was outright illegal and a major human rights violation… but they went on anyone with their shit, asking for more and more private information solely so they can find stuff to deny. Claiming I do not have the conditions I claim I have despite multiple confirmations from multiple independent medical professionals.
That experience filled me with an undying hatred of private healthcare and private healthcare insurance.