Tower of Basel: The Shadowy History of the Secret Bank that Runs the World
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Baranski, Leon, 79
Basel Committee on Banking Supervision, xxi–xxiv, 207–208, 240, 256–257, 271
BASF, 225
Bayer, 225
Bear Sterns, 239
Beevor, Antony, 218
Behn, Sosthenes, 37, 75
Belgian gold reserves, fate of, 85–86
Belgium, xvii, 20, 79, 146, 167, 188, 217
Bell, Geoffrey, 225
Beneduce, Alberto, 29
Beneduce Committee, 29
Bernanke, Ben, xi, 230, 251, 263
Berner Tagblatt, on insider trading by BIS officials, 39, 41
Bernstein, Bernard, 187
Bevin, Ernest, 45
Beyen, Johan Willem, 39, 50, 60–62, 73, 122, 124, 266
Biddle, Francis, 162
BIS. See Bank for International Settlements
The BIS at Work (Eleanor Dulles), 32
BIS committees
Basel Committee on Banking Supervision, xx, xxi–xxii, 207–208, 240–242, 256, 257
Committee on Gold and Foreign Exchange, 189
Economic Consultative Committee, xii–xiii, 259
German Credits Arbitration Committee, 74, 76
Global Financial System, xxii, 239, 250
Markets Committee, xvi, 189
Black, Edwin, 105
Black, Eugene, 142, 144, 192
Blair & Company, 169
Blessing, Karl
arrest and imprisonment of, 185
as board member of Kontinental-Öl, 184–185
Coombs’ opinion of, 181
on own career, 194
powerful allies of, 185, 186, 187
role of in Nazi Germany, 182–183
view of BIS as political institution, 27–28
Blondheim, David, 32
Bod, Peter Akos, xiii, xxi, 248
Bogni, Rudi, 265
Boisanger, Yves Bréart de, 85
Bonaparte, Napoleon, 29
Booktab, 102
Bosch company, 118
Boughton, James M., 141
Bracken, Brendan, 62
Brazil, xi
Bretton Woods Accord, xvi
Bretton Woods Conference (1944), 121–125
Brinckmann, Rudolf, 149–151, 176, 192, 197–198
Brinckmann, Wirtz and Company bank, 149–150, 176, 197
Britain
BIS, attitude toward, 89, 123–124, 139
in European Payments Union, 167
as founding member of BIS, xvii, 20
gold reserves of, 55
gold standard and, 42
n London Gold Pool, 188
Spanish civil war, view of, 56
World War I reparations, 5, 28, 39
British Security Coordination, 101–102
British Treasury, 110
Brown Brothers Harriman bank, 145–146
Bruning, Heinrich, 28
Bütefisch, Heinrich, 184
Bulgaria, 87, 184
Buna, 100
Bundesbank, xx, 191, 219, 244, 263, 264
Burckhardt, Martin, 199
Burgess, W. Randolph, 50
Buro IG, 51, 101
Bush, Prescott, 145
C
Caesar, Hans, 107
Canada, xi, 198
Carney, Mark, 249–250, 263
Caruana, Jaime, xi, 259–260
Casey, William, 186
Catto, Thomas, 1st Baron Catto, 125, 139
Cecchetti, Stephen, 254, 259, 260, 272
CEEC (Conference for European Economic Cooperation), 140, 146
Central bankers
economic and political power of, 43–44
growing prominence of, 249
need for awareness of concerns of public, 251
responsibility for financial stability, 250, 253
Central banks, argument for, 31
Chamberlain, Neville, 48, 70
Chase National Bank, 106–108, 133, 144
Château de Rougemont, 81
Château d’Oex, 81
Chemnyco, 101
China, xi, xxii, 228, 257
Churchill, Winston, 173
Cicero, “sinews of war” quote from, 66
City of London, deregulation of, 227–228
Clay, Lucius, 138
Clements, Piet, 60, 85, 259
Cochran, Merle, 41, 49, 54, 73, 80, 106
Cold War, 201–202
Committee for Foreign Economic Affairs, 153
Committee for the Study of Economic and Monetary Union, 210
Committee on Global Financial System, xxii, 239, 250, 257
Committee on Gold and Foreign Exchange, 189
Committee on Payment and Settlement Systems, xxii, 257
Concentration camp inmates, use of in industry, 184, 185
Conference for European Economic Cooperation (CEEC), 140, 146
Connolly, Frederick, 145, 146
Coombs, Charles, xv, 179–181, 188, 189–191
Craig, Bruce, 142
Cravath law firm, 142, 169
Credit Anstalt bank, 44
Croatia, 184
Crockett, Andrew, 225–226, 243, 258–259
Czechoslovak gold affair, 59–63
Czechoslovakia Act, 62
D
Daily Herald, on transfer of Czech gold, 61
Dalziel, Charles, 76
Das Reich, on BIS, 124–125
Dawes, Charles, 9
Dawes Committee (1924), 9–10
Dawes Plan German External Loan, 74
De Gaulle, Charles, 194
The Death of a Diplomat (Jacobssen), 52
Degesch, 104
Delors, Jacques, 210, 215, 226, 233
Delors Committee, xxi, 210–214
Denmark, 8, 245, 246
Deutsche Bank, 74, 153, 154
Deutschmark, 151–152
Devisenschutzkommando (DSK), 86
Dodd, Thomas, 106, 177
Donovan, William J. “Bill,” 97, 161, 173
Doose, Hugo, 86
Draghi, Mario, xi, 246–248, 249, 252, 263
Dresdner Bank, 8, 9
Dreyfus, Paul, 77
Duisenberg, Willem, 210
Dulles, Allen
American Committee for a United Europe, role of in, 173
background, 15–16
continuation of U.S. links with German industry, 119
Jacobssen, introduction to, 127
Japanese peace proposal, relay of to Stimson, 131
Marshall Plan, view of, 140
McKittrick, friendship with, 75, 113, 132
at Office for Strategic Services, 94, 113
as partner at Sullivan & Cromwell, 16
recommendation of Germans for posts in new administration, 185–186
refinancing of Germany, role of in, 17–18
request of assistance for sister Eleanor, 18
use of BIS contacts in intelligence-gathering, 19, 113
whitewashing of former Nazis by, 186
Dulles, Eleanor Lansing, 18, 32–33
Dulles, John Foster
as attorney for BIS, 96
cartel agreements, role of in, 37
on German elections (1930), 24
influential friends of, 18–19
Jean Monnet, friendship with, 169, 170
legal work for businesses with financial links to Germany, 143, 144
refinancing of Germany, role of in, 17
unified Europe, belief in, 170–171
Dustbin (Kransberg Castle), 149
E
Eccles, Marriner, 64–65
“Economic and Monetary Union and Launching the Construction of Europe” (Delors), 215
Economic Consultative Committee (ECC), xiii, xxi, xxi, 259
“Economic Reorganization of Europe” (Funk), 221
Economist
on central bankers’ power, xvi
on London Gold Pool, 189
ECSC (European Coal and Steel Community), 167–168, 171–1
72, 210
Eggers, Constanza von, 8
Einsatzgruppe D, 154
Einzig, Paul, 61, 97
Elliot Management, 260
Enabling Act (1933), 33
Enskilda Bank, 74, 106, 109, 116, 117, 118
EPU (European Payments Union), xxi, 166–167, 176, 222
Erhard, Ludwig, 152, 153–154, 171–172
Ernst & Young, 249
Estonia, 25
Euro
benefits of, 230–231
BIS and, 258, 263
genesis of, 210
lack of confidence in, 264
as political compromise, 232–233
problem with, 235
Europe, plans for unification of, 165–166, 173–174
European Central Bank (ECB), xxi–xxii, 230, 231, 243–245, 257, 258
European Coal and Steel Community (ECSC), 167–168, 171–172, 210
European Commission, 210, 257
European Cooperation Administration (ECA), 141, 165
European Currency Unit (ECU), 210
European Economic Community, 192, 219
European Economic Community Governors’ Committee, 209
European Monetary Cooperation Fund, 210
European Monetary Institute (EMI), xxi, 225, 226, 230
European Monetary System (EMS), 215, 222
European Monetary Union (EMU), xxi, 210–213
European Movement, 173
European Parliament, 217, 244, 245, 258
European Payments Union (EPU), xxi, 166–167, 176, 222
European Stability Mechanism, 248
European System of Central Banks (ESCB), 216, 231
European Union (EU)
BIS, role of in, 208–211, 258
founding of, 219
similarities of to Nazi postwar plans, 220–223
Eurotower, 226
Eurozone, 225, 234–235
Eurozone crisis, xx–xxi, 252
Extraordinary General Meeting, 268
F
Fannie Mae. See Federal National Mortgage Association
Federal Home Loan Mortgage Corporation (FHLMC), 238
Federal National Mortgage Association (FNMA), 238–239
Federal Open Market Committee, xiii, 244, 269
Federal Reserve System
accountability of, 244, 268
blockage of BIS transactions by, 95, 111
contrast with BIS meetings, xiii
currency swap network of, 190
dual mandate of, 244
Financial Stability Board, membership in, 257
loan to Bank of England, 193
membership in BIS, xviii, 229–230
refusal of directorship in BIS, 32
representation at BIS meetings, 180
rescue packages, participation in, 206–207
See also New York Federal Reserve
Fekete, János, 203, 204
Financial News, on transfer of Czech gold, 61–62
Financial Stability Board, xxii, 250, 257
Finland, 129
Finlayson, H. C. F., 23
First Eagle Funds, 242
First National Bank of Chicago, xviii, 21, 32
First National Bank of New York, xviii, 21, 96
Flick, Friedrich, 35
Ford, Edsel, 36
Ford, Henry, 104
Foreign Policy Association, 140
Fournier, Pierre, 65
France
Belgian gold in, 85
economic instability of, 230
euro, acceptance of, 231
as founding BIS member, 13, 19–20
gold reserves of, 55–56
gold standard and, 42
incorporation into Third Reich, 79
loan from Bank Deutscher Lander, 175
in London Gold Pool, 188
Marshall Plan payments to, 146
referenda on European Union, 245–246
silver reserves, 56
Treaty of Paris (1951), signing of, 167
Treaty of Rome (1957), signing of, 217
World War I reparations payments to, 5–6, 9, 11, 28, 39
Franco, Francisco, 54, 56
Frank, Hans, 153
Franklin National Bank, 207
Fraser, Leon, 15, 18, 34, 38, 88, 96, 99, 123, 147
Freddie Mac. See Federal Home Loan Mortgage Corporation (FHLMC)
Free Territory of Trieste, 166
Frere, Maurice, 132, 167
Friedman, Milton, 68–69
Fromm, Bella, 48–49
Funk, Walther
imprisonment for war crimes, 159
Karl Blessing, protection of, 186
Kontinental-Öl, membership of board of, 184
Reichsbank, president of, 70, 98
unified Europe, prediction of, 219, 220–223
G
G10 governors’ meeting. See Economic Consultative Committee
G10 states, 191, 193–194, 207
G30 advisory group, 225
GAF. See General Aniline and Film
Gehlen, Richard, 182
General Agreement to Borrow, 191
General Aniline and Film (GAF), 36, 100–102
General Motors, 104–105
George, Eddie, 242
German Credits Arbitration Committee, 74, 76
German Potash Syndicate, 120
Germany
1930 elections, economic consequences of, 28
American investment in, 10, 19, 37
autarky, desire for, 35
Bank of Portugal, importance of in financial transactions, 114
Chase National Bank, relationship with, 106–108
Czechoslovakia, takeover of, 60
Enabling Act (1933), 33
European confederation, plans for, 221
as founding member of BIS, xvii, 20
Franco, provision of financial aid to, 55
gold, acquisition of, 86
industrial espionage in U. S., 101
industrialists, postwar fate of, 157–163
modern economy, 223
Nazi party, postwar strategy of, 156–157, 220–224
Nazi relationship with BIS, xviii–xx, 33, 51, 78–79, 84–87, 114–115, 123, 125–127, 258
Poland, invasion of, 71
post–World War I conditions in, 6
postwar financial continuity in, 152–156
repatriation of gold reserves by, 263–264
SS (Schutzstaffel), financial empire of, 154–155
Treaty of Rome (1957), signing of, 219
See also Reichsbank; reparation payments
Gewirtz, Paul, 107
Gilbert, Seymour Parker, 10
Gisevius, Hans Bernd, 160–161
Glass-Steagall Act (1933), 225, 238
Global Economy Meetings, xii, 247
Globke, Hans, 182
Goering, Hermann, 105, 183
Gold
Baltic gold, management of by BIS, 79–80
Bank of Greece’s missing gold, 23
Belgian gold reserves, fate of, 85–86
Czechoslovak gold affair, 59–63
gold exchange standard, 42
gold standard, 42
London Gold Pool (LGP), xvi, 188–189
looted, xix, 53, 61, 78, 85, 87–88, 132, 262–266
new emphasis on, 264
repatriation of German gold, 263
reserves of, xxii, 55–56
storage of in Switzerland, 115
Swiss-German gold-for-coal arrangement, 87
Gold Discount Bank, 9, 106
Goldman Sachs, 257
Governors’ Meeting, xii–xiii, 49–50, 256
Graffman, J. Holgar, 118
Grand Hôtel et Savoy Hôtel Univers, 22
Gray, Prentiss, 17
Greece, xx, 23, 25, 79, 167, 223, 248, 265
Greenspan, Alan, 228, 243
Grose, Peter, 16
Gunston, Charles, 154, 187–188
H
/> Hackworth, Green, 160
Haeften, Werner Karl von, 99
The Hague Arbitral Tribunal, 242
Hague Conference (1929-1930), 13
Hague Convention, 20
Haldane, Andrew, 269, 271
Hall, Richard, 167, 176, 198–199, 209
Hamburg-American Line, 156
Hanes, John Wesley, 64
Hanfstaengel, Ernst, 76–77
Hansard, 63
Harriman, Averell, 137, 140, 144, 145
Harriman, E. Roland, 145
Harrison, George, New York Federal reserve president, 24, 32, 64–65
Harrison, Leland, 77, 95, 114, 161
Hárshegyi, Frigyes, 202, 204
Harvard Plan, 119, 121, 138, 173, 224
Hayes, Alfred, 191
Hechler, Paul, xix, 49, 66, 81, 84, 90, 128, 131
Hess, Rudolf, 35
Hesse state central bank, 153
Hewitt, Abram, 117, 118–119
The Hidden Enemy (Pol), 22, 224
Hilton, Andrew, 251, 257
Himmler, Heinrich, 17, 35–36, 118
Himmlerkreis, 35, 183
Hitler, Adolf
American financiers, meeting with, 37
as author of Mein Kampf, 24
economic autarky, plans for, 35
Henry Ford, admiration for, 104
Hjalmar Schacht, admiration for, 45–47
Jews, emigration help for, 48
Kurt von Schröder, friendship with, 35
notification of impending bankruptcy, 70
overthrow of, plans for, 48, 99, 117, 186
on unification of Europe, 221
Hitler’s Secret Bankers: The Myth of Swiss Neutrality During the Holocaust (Lebor), 259
Hoffman, Paul, 165
Hollerith machine, 105
Holocaust, 87–88, 105, 145, 258
Holthrop, Marius, 192
Hoover, Herbert, 28
Hoover Moratorium, 41
Horthy, Míklos, 162
Hülse, Ernest, 24, 185
Hungarian National Bank, 44, 98, 205
Hungary, 25, 184, 202–205
I
IBM, 105, 109
IG Auschwitz, 51, 88, 100, 102
IG Chemie, 95
IG Farben, 35–37, 50–51, 88, 100–104, 129, 143, 158
IMF. See International Monetary Fund
Imperial Chemical Industries, 143
Independent newspaper, obituary of Hermann Abs, 192–193
India, xi
Institute of Pacific Relations, 99
International Bank for Reconstruction and Development, 121
International Centre for Investment Disputes, 260
International Chamber of Commerce (ICC), 110, 144–145
International Labor Organization (ILO), 90
International Monetary Fund (IMF), 121, 139, 141, 176, 206, 257
International Nickel Company (INKO), 37
International Telephone and Telegraph Company (ITT), 37
Ireland, 167, 246, 248
Irving Fisher Committee, xxii
Iselin, Felix, 95
Italy
Argentine bond dispute, 260
BIS, as founding member of, xviii, 20
Economic Consultative Committee, membership in, xi