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He served in [[Adolf Hitler]]'s government as President of the Central Bank (''Reichsbank'') 1933–1939 and as Minister of Economics (August 1934 – November 1937).
While Schacht was for a time feted for his role in the German "[[Economy of Nazi Germany|economic miracle]]", he opposed elements of Hitler's policy of [[German re-armament]] insofar as it violated the [[Treaty of Versailles]] and (in his view) disrupted the German economy. His views in this regard led Schacht to clash with Hitler and most notably with [[Hermann Göring]].{{Citation needed|date=May 2021}}
In 1944, Schacht was arrested by the [[Gestapo]] following the [[20 July plot|assassination attempt on Hitler on 20 July 1944]] because he allegedly had contact with the assassins. Subsequently, he was interned in the concentration camps and later at [[Flossenbürg concentration camp|Flossenbürg]]. In the final days of the war, he was one of the 139 special and clan prisoners{{efn|"Clan prisoners" is a translation of the German-language term ''[[Sippenhaft|Sippenhäftlinge]]'', which means those persons arrested because they were family members of other prisoners.<ref>{{Cite book|title=Dietrich Bonhoeffer 1906-1945: Martyr, Thinker, Man of Resistance|first=Ferdinand|last=Schlingensiepen|publisher=[[A&C Black]]|year=2010|isbn=9780567217554|url=https://books.google.com/books?id=HHtdPRZ41JwC|page=372}} {{Cite book|title=Royals and the Reich: The Princes Von Hessen in Nazi Germany|first=Jonathan|last=Petropoulos|publisher=[[Oxford University Press]]|year=2008|isbn=9780195339277|url=https://books.google.com/books?id=B3w7DwAAQBAJ|page=286}}</ref>}} who were [[Transport of concentration camp inmates to Tyrol|transported]] by the SS from [[Dachau concentration camp|Dachau]] to [[South Tyrol]]. This location is within the area named by Himmler the "[[Alpine Fortress]]", and it is speculated that the purpose of the prisoner transport was the intent of holding hostages. They were freed in [[Niederdorf, South Tyrol]], in Italy, on 30 April 1945.<ref>Peter Koblank: [http://www.mythoselser.de/niederdorf.htm ''Die Befreiung der Sonder- und Sippenhäftlinge in Südtirol''.] Online-Edition Mythos Elser 2006.</ref>
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