It is, above all, in its anti-Jewish campaign, that the party has officially given free rein to the base instincts which lie at the root of its so-called philosophy. The National Socialist government had the miserable privilege of encouraging and even ordering acts which are considered to be crimes by the whole civilised world. Foreigners who were in Germany at the time were appalled at these scenes of sadism and savagery; they saw the official incendiaries of the synagogues at work. In the capital of the Reich, in the centre of the town and in full view of the embassies, the Storm Troops and the younger Hitlerites, commanded by their chiefs, gutted and plundered dwellings and shops. In tolerating—indeed, actually organising—theft, arson, pillage, and even murder in the concentration camps, the National Socialist regime, especially in that autumn of 1938, revealed itself to the whole world as a government of gangsters.

The persecution of the Christian religion, taking the form of cruel measures against the priests and insults to the Churches, led me to protest in the early days, for instance when the police president of Düsseldorf issued a protest to Marshal Goering. It was in vain.

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After the declaration of war several people, who took no trouble to conceal their lack of enthusiasm for the regime, came to see me in Switzerland. They said, ‘how that war is declared, everyone must rally behind Hitler, for he represents Germany.’ To all such attempts to make me reverse my decision I replied, ‘No; for this man will plunge the German people into disaster.’

All these questions are questions of the future; but they are of the greatest importance for German economy. For the extreme regimentation of German industry under the National Socialists has completely ruined its factories through excessive exploitation.

From the moment they seized power, the Nazi leaders professed the greatest contempt for the individual. A large number of German conservatives, ignorant of the facts and appalled by the burning of the Reichstag, assented to the incarceration of the political enemies of the regime without a trial. They may have regarded this measure as purely provisional and justified by the danger of civil war, and assumed that the National Socialists would soon reinstate legal procedure. They were mistaken. The concentration camps, better called torture camps, are, to this day, a state institution.

I am accused of being a traitor. This accusation—remembering that in 1923 I, an unarmed man, not protected by ninety billion marks’ worth of armaments, organized the passive resistance in the regions occupied by the enemy, and thus save the Rhine and the Ruhr—is almost as grotesque as the fact that National Socialism has suddenly discarded its doctrines in order to hobnob with Communism.

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The National Socialists never had a real economic plan. Some of them were entirely reactionary; some of them advocated a corporative system; others represented the viewpoint of the extreme Left. In my opinion, Hitler failed because he thought it very clever to agree with everybody’s opinion… Hitler had an unprecedented opportunity, such as no man will ever again be offered so easily, to create something entirely new. However, besides the fact that he knows absolutely nothing about matters economic, he cannot even fully understand his economic advisers. . . His constant worry has ever been to keep himself in power. . . . He believes that he alone is a great man, and all others non-entities.

At the end of the eighteenth and the beginning of the nineteenth century the generally dominant idea, derived from Ricardo and Adam Smith, was that commerce must be entirely unfettered, and that free trade was fundamentally linked with economic life. But the Liberals have ‘emptied the baby with the bath,’ with the result that the state, in opposition to them, has assumed more and more control over the economic process and has even gone into business on its own account. In my opinion the results achieved by the state as business manager have, on the whole, been bad… The function of the state, however, is to administer; and administration is something wholly different from enterprise under business management.

Goering is an army man. He imagines that it is enough to give orders for industry to carry them out. If the industrialists declare that it is impossible, they are accused of sabotage. Soon Germany will not be any different from Bolshevik Russia; the heads of enterprises who do not fulfill the conditions which the ‘Plan’ prescribes will be accused of treason against the German people, and shot.

Taken as a whole, these Nazi achievements are a farrago of economic absurdities. For seven years I had to struggle with all these ignorant and incapable men. It is a waste of time to discuss their stupid projects or refute their specious arguments. In fact, the Nazi regime has ruined German industry. All the above-mentioned experiments with artificial products will become useless as soon as international trade is restored. Then Germany will have on her hands immense plants which have swallowed billions of marks and there will be nothing to do but turn them over to the wreckers. Industries which no longer have enough money to follow technical progress and to keep their equipment up-to-date are in an unfavourable position compared with foreign competition, especially in America.

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For my financial interest in the greatest metallurgical concern in Germany, the United Steel Works, instead of being transferred to the Reich, has been seized by Prussia. Goering may have certain ideas in this connection. Indeed, a large share ownership in these steel works might save the Hermann Goering Works from bankruptcy.