Iron saving

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Iron saving was the name of a government- sponsored austerity program introduced in 1941 under National Socialism in Germany , through which excess purchasing power was to be siphoned off and funds to be collected for waging war in the Second World War .

Savings incentives

Average weekly wages rose by around 14% between 1938 and 1943; Despite the almost equally strong increase in the cost of living , there was a considerable excess of purchasing power due to a lack of consumer goods. With the Regulation to direct the purchasing power of 30 October 1941, the possibility was created for salaried, monthly up to 26 RM from January 1, 1943 increased to 39 RM from the employer withheld and on a special savings account to make deposit. This part of the wages did not have to be taxed and was exempt from social security contributions , so that the return increased accordingly over the interest. The savings deposits should become available to investors at the earliest one year after the end of the war.

Companies were able to pay in tax-free business facility credits, which were to be paid out after the war, but which did not earn interest.

savings

In December 1941, the President of the German Savings Banks and Giro Association set the goal for 1942 to skim off a sum of 3 to 4 billion RM from wages and salaries plus a further 2 billion RM from Christmas and special bonuses through "iron saving". This is associated with a tax shortfall of at least 300 to 400 million RM.

At the end of 1942 1,820,344 such iron savings contracts had been concluded with the German savings banks ; With 177,105 new contracts in the following year, the number only grew by just under 10%. In fact, the deposits fell short of expectations: for 1942, the total savings deposits in the savings banks across the country amounted to 52.2 billion RM; the share of “iron saving” was only 0.91% at 465 million RM. In 1944, with a savings volume of 80.4 billion RM, 1.3 billion RM (corresponding to 1.64%) were skimmed off through the savings program. The corresponding figures from the private banks are not available; they are assessed to be far lower and rather insignificant.

Reservations from the population

In the reports from the Reich , the secret situation reports of the security service of the SS , it is reported that the "iron saving" initially "found a good response", but the "affected groups" soon became more cautious and acted "initially wait and see". The calculation example chosen by State Secretary Reinhardt with a monthly salary of RM 300 is unfavorable . Low-income workers felt left out; the impression prevails that “iron saving” brings real benefits only to employees with higher incomes.

The population concludes that the war will last longer, since otherwise such a measure would not have started. The "iron saving" is seen as a new variant of a war loan . One suspects that it would amount to forced saving and a profit skimming of the "little man". Fears have been expressed that some or all of the amounts saved may be confiscated or offset against retirement benefits.

In a report from April 1942, eight reasons are listed with which the different and in some places very low participation in the "iron saving" was explained. Some experts thought better advertising would be more promising. Others did not believe that the expectations attached to the "iron saving" would be fulfilled, since the program was perceived as "not very happy" in its basic features and in its overall structure.

Interpretations

Civil servants, state employees, employees of the NSDAP and their organizations are likely to have been exposed to “collective pressure”, but the vast majority of savers will have voluntarily decided to sign a contract. The government shied away from a loss of confidence and avoided the appearance that it wanted to introduce compulsory savings. The desired goal of collecting large parts of the mass purchasing power with the help of iron saving was not achieved in this way.

post war period

By order of the Control Commission for Germany , "Iron Savings Accounts" were converted from April 1, 1947 into ordinary savings accounts , which were subject to the general interest and termination regulations. Like all other balances, however, these were converted to the D-Mark at a ratio of 10: 0.65 as a result of the currency reform in 1948 . Because the assets were not created until after January 1, 1940, they were not compensated, unlike other savings, by the “ Law to Mitigate the Hardship of Currency Reform ( Old Savers Act )” of July 14, 1953.

Web links

Individual evidence

  1. ^ Ludwig Sperk and Manfred Wilsdorf: The liquidity relationships of the German savings banks , Duncker & Humblot publishing house, Berlin 1956, p. 106.
  2. ↑ Christoph Buchheim: “The myth of 'well-being'”, in: Vierteljahrshefte für Zeitgeschichte 58 (2010), no. 3, p. 301/302.
  3. ↑ RGBl. I, p. 664
  4. ^ By the 3rd DVO of October 26, 1942
  5. ^ Ingo Loose: Loans for Nazi crimes: the German credit institutions in Poland and the robbery of the Polish and Jewish population 1939-1945 . Munich 2007, ISBN 978-3-486-58331-1 , p. 196.
  6. ↑ a b Philipp Kratz: "Saving for little luck", in: Götz Aly (Ed.): People's voice. Frankfurt / M. 2006, ISBN 978-3-596-16881-1 , p. 74.
  7. ^ Ingo Loose: Loans for Nazi crimes ..., p. 198.
  8. ↑ Heinz Boberach (Ed.): Messages from the Reich - The secret situation reports of the SS Security Service 1938–1945, Herrsching 1984, ISBN 3-88199-158-1 , Vol. 8, p. 3055 (No. 242 from 1. December 1941).
  9. ↑ Heinz Boberach (Ed.): Messages from the Reich - The secret situation reports of the SS Security Service 1938–1945, Herrsching 1984, ISBN 3-88199-158-1 , Vol. 10, p. 3612 (No. 274 of 9. April 1942).
  10. ↑ Philipp Kratz: “Saving for the little luck”, p. 76.
  11. ↑ a b Philipp Kratz: “Saving for the little luck”, p. 77.
  12. ^ Conversion of Eisener savings accounts into ordinary savings accounts (circular of the Ministry of Finance 1179 - II / 32 - of April 16, 1947). In: Official Journal for Schleswig-Holstein, year 1947, p. 250.
  13. ↑ Altsparergesetz ( Federal Law Gazette 1953 I p. 495 )