Peter and Lisbeth are two young but unfortunate lovers living in a rigid rural community in the Black Forest. She comes from a wealthy family of glassblowers; he is a poor coal worker on the lower end of society. To become rich and respected, Peter makes a pact with a devil named Dutch Michael, who rips out his heart and replaces it with a stone. Robbed of all warmth and feeling, Peter becomes a cold-hearted go-getter who rapidly achieves his goals. Ruthlessly he strives for money and power.

The Krupps were one of Germany's most powerful and controversial families until their downfall.