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Nazi Reichsbank Gold a Brief Historical Overview by Ray Cowdery, Copyright © 1997 & 2010 by Reddick Militaria

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Nazi Reichsbank Gold a Brief Historical Overview by Ray Cowdery, Copyright © 1997 & 2010 by Reddick Militaria Nazi Reichsbank Gold A Brief HiSTOriCAL OVerVieW by Ray Cowdery, Copyright © 1997 & 2010 by Reddick Militaria Because of its relative rarity, its beauty, its compactness, changed forever the concept of international conquest. its resistance to corrosion and its adaptability as a A super-legal world-bank called the Bank of International manufacturing material, gold has long been sought Settlements (BIS)* , had been chartered in Basel, after and saved. From the earliest of times, humans Switzerland by a convention of the central banks of the have collected it, worked it as an artistic material, used world's leading industrialized countries. The BIS it as a medium of exchange, to support less valuable enjoyed a unique status and unique privileges, even currency, and to settle debts. virtual exemption from Swiss law. The BIS was charged with controlling the storage, and transfer of While most of us profess to abhor war, most of us also ownership of gold for the central banks of the world, realize that times of war are "good times" for the many and its charter provided that, "the bank, its property and people in manufacturing industries that produce bullets, assets, and all deposits and other funds entrusted to it tanks, ships, land mines, body bags, grave stones and shall be immune in time of peace and in time of war other paraphernalia of war. Rarely do we stop to think from any measure such as appropriation" ( emphasis added ). of the profits made by those who finance the manufacture of the materials used to wage war or the profits made The vital service the BIS performed in the decades after on the exchanges and credits required to purchase these 1930 was to facilitate the process of gold clearing - the kinds of manufactured goods. adjustment of mutual claims by exchanging them and thereby settling the balances. It was no longer necessary From the dawn of human history until 1930 persons, to move a lot of gold to handle clearances, as virtually groups, religions or governments that waged war had all the worlds' central bank gold was under the control logistical problems in the areas of finance, supply, of the BIS. The theory of clearing gold settlements at foreign exchange and bank clearances. Appropriating the BIS worked even better as a practice, since the BIS the monetary gold and other valuable property of a reduced most complicated gold exchange transactions defeated enemy was often easy compared with to acts of bookkeeping. transporting it back to the safety of the homeland of the victorious army. Once there, a local bureaucracy In Germany in the early 1930s, Adolf Hitler was reissued the captured wealth and attempted to exchange campaigning for the election of Nazi candidates to the it for food, new equipment and other requirements of Reichstag (parliament) and for himself. By January the conquering army, still busy in the field capturing 1933 the Nazis had been elected in great numbers and more loot. Captured loot in excess of the amount Hitler had become Chancellor of Germany by a normal, needed to fund further conquest was often used to build democratic process. Once in control and with no further infrastructure and increase the standard of living of the need for the democratic process, Hitler eliminated people who sponsored the victorious army. The glory opposition parties leaving his Nazi Party in absolute of Rome resulted mostly from Roman conquests and control. Hjalmar Schacht was quickly appointed by France's 19th century glory is largely traceable to the Hitler as president of the Deutsche Reichsbank far-flung looting of Napoleon's armies. (German State Bank) and immediately began a hidden gold reserve program like that used by the Kaiser in In anticipation of World War I the government of German preparation for World War I. In just a few years of "die Kaiser Wilhelm II began to amass gold secretly to be Strenge" (austerity) in Germany the Deutsche Reichsbank used to fund the coming war. When war came in 1914 was able to hide over 500 million Reichsmarks (one the Germans were able to field a huge, well trained and Reichsmark - US$ 0.40m 1940) in monetary gold in spectacularly equipped army that quickly overran much secret accounts under Schacht. World bankers were left of Europe. When the Kaiser's gold reserves were finally to assume that Reichsbank gold was equal only to depleted by 1917, his ability to finance the war, and published figures, or around 70 million Reichsmarks. thus to effectively wage war, was over. In 1930 a major change in international banking practice * BIZ (Bank für Internationalen Zahlungsausgleich) in German, and BRI (Banque de Reglements Intemationaux) in French. 1 Through accounts in the Deutsche Reichsbank with When the Germans invaded Poland in September 1939 names like "Treuhandge-sellschaft", "Konversionskasse" , they found Polish vaults virtually empty. The gold "Asservat Devisian Reserve" and "Sonderlagerung" , reserves of Poland had been loaded on trains and trucks the German government had amassed hidden gold which traveled through Rumania, Turkey and Lebanon reserves that were truly astronomical for the time. The before arriving in France at the end of October 1939. Nazis very clearly understood the need for financial With the invasion of Belgium, the Netherlands, Denmark, self-sufficiency as they pursued expansion through France and Luxembourg in May of 1940 the Germans conquest. When Austria was joined with Germany in a struck "pay dirt" again. They were able to exchange virtually bloodless coup in March 1938 (a union Reichsmarks for $4,858,000 of Luxembourger gold approved by 97% of Austrians in a plebiscite a few held at the Bank of France in Marseilles, and through a weeks later) all gold in private hands in Austria had to complicated system which charged the Netherlands for be sold to the government at a rate of RM 3,966.27 per the German occupation, extracted $163,000,000 worth 1000 grains for Austria to come into compliance with of Dutch gold. German law and to avoid confiscation*. The private Austrian gold thus sold to the government comprised The Belgian National Bank, in anticipation of a possible about 10% of the total of $102,000,000 in gold that the German invasion, had placed their gold reserves in the Austrian National Bank agreed to exchange with the hands of the French government for safekeeping. The Deutsche Reichsbank in Berlin for an equal amount of Bank of France shipped it to French West Africa prior Reichsmarks. to the French surrender to the Germans after only six weeks of resistance on 25 June 1940. In the fall of 1938 representatives of England, France and Italy gathered in Munchen (Munich) and agreed When French authorities agreed to the German military with German diplomats that Hitler should have what he occupation of northern France (including the capital wanted of Czechoslovakia. The Deutsche Reichsbank city of Paris) they decided to move the legitimately was about to acquire another $44,000,000 in monetary elected government of the country from Paris to the old gold. Interestingly, in the case of the Czech gold the resort city of Vichy in unoccupied southern France. Deutsche Reichsbank even offered to pay the There the French Government entered into negotiations Czechoslovakian National Bank for their gold with with the Reichsbank that eventually led to the surrender freely negotiable foreign exchange. Even more interesting of the 4,944 sealed boxes of Belgian gold bars with a is the fact that $26,000,000 of the Czech gold was value of $223,200,000. While the French were sacrificing deposited in the Bank of England and had to be the Belgian treasury, the great bulk of the released by them to the Germans! $2,000,000,000 of French gold reserves sat safely in the United States, England, Canada and at Fort-de-France By 1939 Schacht was replaced as head of the Reichsbank on Martinique, well out of reach of the Nazis. by a Nazi Party functionary, Walther Funk. Funk wisely put the day-to-day operations of the bank in the hands Even before the French handed over the Belgian gold, of vice-president Emil Puhl, a former director, a well- the Deutsche Reichsbank had been in negotiations with known international banker and close associate of those the remaining directors of the Belgian National Bank who ran the BIS in Basel, Switzerland. It was the gold- to purchase it. In the end, the Belgians rejected the genius Puhl who was later able to direct the flow of German offer, so along with a good deal of Dutch gold, looted gold through the Deutsche Reichsbank to the the Belgian gold was secretly taken to the Prussian BIS and thereby into the Nazi war economy of occupied State Mint in Berlin for resmelting. It quietly became western Europe. It was Puhl who understood that only Nazi gold. through close collaboration with the banks in "neutral" While it is true that "gold has no smell", and thus can countries could the Reichsbank dispose of enough be hard to trace, bars of monetary gold are always well- looted gold to insure German military success. Those marked with smelt numbers, serial numbers, names and "neutral" countries were Switzerland, Sweden, Spain, purity, and are registered in the books of the banks that Turkey and Portugal. own or hold them. To resmelt gold bars which have * A very similar law in the United States had required Americans provenance is unthinkable specifically because it causes to sell their gold to the government at a price of just over $30.00 known gold to "disappear" and "creates" new gold. In per ounce to avoid confiscation.
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