Ludwig Erhard was a severely injured WW I veteran. I present data on his vita. Erhard’s education ended with a doctorate at the University of Frankfurt/Main with Franz Oppenheimer, the “liberal socialist,” in 1925. After some unsuccessful years in his father’s textile business at his hometown Fürth, he was employed by the Institute for Economic Observation of German Manufactured Goods in 1929 in Nuremberg. In 1943, Erhard founded his own Institute for Industrial Research. I provide evidence that he had twice shown political turncoat behavior: from a liberal in the European sense during the Weimar Republic to Nazi economic-policy doctrines until German military defeat in 1943 became a foregone conclusion, and thereafter to the American conception of market instead of government-controlled economic conditions. I discuss Erhard’s qualifications for public office as well as the strengths and weaknesses of Erhard’s character.