Schacht returned from the Fuehrer with the greatest anxiety, since he could not agree to the economic program planned by the Fuehrer.
The Fuehrer wants to speak at the party convention [Parteitag] about economic policy, and wants to emphasize there that we now want to get free with all our energy from foreign countries by production in Germany.
Schacht requests urgently that the Reichminister of War warn the Fuehrer from this step.
If the Fuehrer emphasizes in front of the masses in Nurnberg, he will receive a great amount of applause from the audience, but with it he will bring failure to the entire commercial policy. There is only one thing in our needy position: the promotion of export. Every threat against foreign countries however, will show contrary results.
We have reverses in the field of fuels until the middle of next year, there will not be large amounts in the field of rubber. The Renn-process in the field of ores is having great difficulties.
If we now shout out our decision abroad to make ourselves economically independent, then we cut our own throats, because we can no longer survive the necessary transitory period.
Also, it must always be pointed out that German materials are at present much too expensive to be used for export, and export alone makes further armament possible.
If the food-basis of the people is not to be endangered, the Fuehrer must refrain from his plan.
President Schacht concluded that he again requests urgently to listen to this warning, and that he forwards it to the minister of war, as he will not participate in to-morrow's conference.
Thomas 2/9 [in blue pencil]
[Translator's note: the following is written in pencil in the
original:]