He was among the richest men in the world. He made his first fortune in heavy industry. He made his second as a media mogul. And in January 1933, in exchange for a political favor, Alfred Hugenberg provided the electoral capital that made possible Adolf Hitler’s appointment as chancellor. Before Hugenberg sealed his pact with Hitler, a close associate had warned Hugenberg that this was a deal he would come to regret: “One night you will find yourself running through the ministry gardens in your underwear trying to escape arrest.”

To this end, Hugenberg practiced what he called Katastrophenpolitk, “the politics of catastrophe,” by which he sought to polarize public opinion and the political parties with incendiary news stories, some of them Fabrikationen—entirely fabricated articles intended to cause confusion and outrage. According to one such story, the government was enslaving German teenagers and selling them to its allies in order to service its war debt. Hugenberg calculated that by hollowing out the political center, political consensus would become impossible and the democratic system would collapse.

Hugenberg had spoken of a “third Reich” as early as 1919, well before Hitler was a force on the political scene, and he envisioned himself as the future Reichsverweser, or “regent of the Reich.” His followers greeted him with “Heil Hugenberg!”

As self-proclaimed “economic dictator,” Hugenberg kept pace with Hitler in outraging political opponents and much of the public. He purged ministries. He dismantled workers’ rights. He lowered the wages of his own employees by 10 percent.

Hugenberg declared a temporary moratorium on foreclosures, canceled debts, and placed tariffs on several widely produced agricultural goods, violating trade agreements and inflating the cost of living.

In late June 1933, while Hitler was trying to assuage international concerns about the long-term intentions of his government, Hugenberg appeared in London at an international conference on economic development. To the surprise of everyone, including the other German-delegation members present, Hugenberg laid out an ambitious plan for economic growth through territorial expansion. “The first step would consist of Germany reclaiming its colonies in Africa,” Hugenberg explained. “The second would be that the ‘people without space’”—Volk ohne Raum—“would open areas in which our productive race would create living space.” The announcement made headlines around the world. “Reich Asks for Return of African Lands at London Parley,” read one New York Times headline. Below that, a subhead continued: “Also seeks other territory, presumably in Europe.”