In August 1934 Hitler appointed Schacht as Germany's "Reichsminister" of Economics. Schacht supported public-works programs, most notably the construction of "autobahnen" (highways) to attempt to alleviate unemployment – policies which had been instituted in Germany by von Schleicher's government in late 1932, and had in turn influenced Roosevelt's policies. He also introduced the "New Plan", Germany's attempt to achieve economic "autarky", in September 1934. Germany had accrued a massive foreign currency deficit during the Great Depression, which continued into the early years of the Third Reich. Schacht negotiated several trade agreements with countries in South America and southeastern Europe, under which Germany would continue to receive raw materials, but would pay in Reichsmarks. This ensured that the deficit would not get any worse, while allowing the German government to deal with the gap which had already developed. Schacht also found an innovative solution to the problem of the government deficit by using mefo bills. He was appointed General Plenipotentiary for the War Economy in May 1935 by provision of the Reich Defense Law of 21 May 1935 and was awarded honorary membership in the NSDAP and the Golden Party Badge in January 1937.