"A foreign visitor to the Berlin Stock Exchange would easily be deceived. There are announcements of daily quotations and price changes as though a free Stock Exchanged still existed, but nowhere would he find the former ‘public’— private buyers and sellers—as represented by independent brokers, bankers and ‘visitors.’"

“The old type of capitalist who adheres to the traditional concepts of property rights is doomed to failure under fascism.”

“ascism is a new brand of feudalism in which the private capitalist has become merely a tool of the State—where absolute power has entirely taken the place of money power.”

“Of all businessmen the small shopkeeper is the one most under control and most at the mercy of the Party. The Party man, whose good will he must have, does not live in faraway Berlin; he lives right next door or just around the corner. This local Hitler gets a report every day on what is discussed in Heer Schultz’s bakery and Herr Schmidt’s butcher shop. He would regard these man as ‘enemies of the State’ if they complained too much. That would mean, at the very least, the cutting of their quota or scarce and hence highly desirable goods, and it might mean the loss of their business license.”

“I must confess that I think as most German businessmen do who today fear National Socialism as much as they did Communism in 1932. But there is a distinction. In 1932, the fear of Communism was a phantom; today National Socialism is a terrible reality. Business friends of mine are convinced that it will be the turn of the ‘white Jews' after the Jews have been expropriated… The difference between this and the Russian system is much less than you think, despite the fact that we are still independent businessmen.”

“You have no idea how far state control goes and how much power the Nazi representatives have over our work. . . In this respect they certainly differ from the former Social-Democratic officials. These Nazi radicals think of nothing except ‘distributing the wealth.’ Some businessmen have even started studying Marxist theories, so that they will have a better understanding of the present economic system.”

“Japanese exporters are organized in export cartels by the State. The State restricts competition among exporters and importers. The same thing is done in Germany and Italy. Moreover, it is not only in totalitarian States that payments for imported goods have become dependent on governmental decisions.”