- Bank apologizes for citing Hitler
"Hitler's economic policies cannot be divorced from his great policies of virulent anti-Semitism, racism and genocide," Hirschhaut wrote in a letter to the bank. "There are really no circumstances under which Hitler should be held as a good model."
In the 1,500-word newsletter, Raub talks of how Hitler was the only major leader during the 1930s who successfully resuscitated his country's economy when others such as President Franklin Roosevelt could not, and "led German workers to work harder than anyone else in Europe."
"The Great Depression of the 1930's saw falling prices, staggering unemployment and shattered stock markets all over the world, and the world's leading statesmen seemed helpless to defeat it. Except for one," the newsletter reads.
"His name was Adolph Hitler. Unlike France and Britain, and unlike the United States, Germany spent most of the 1930's growing economically, not declining. If we can understand why Depression-era Germany resisted the disease, we may better understand how alarmed we should be today in the 21st century."
Raub said Hitler avoided deflation unlike other European nations and reduced unemployment.
The story neglects to mention the measures under which Hitler managed to bolster his economy -- primarily, generating a huge war machine that then devastated most of Europe.
[Many thanks to Skimble for the heads-up.]