by Adam LeBor
economic stability of, 232
in European Economic Community, 217
Franco, provision of financial aid to, 55
gold standard, adherence to, 42
Hague Convention, signing of, 20
investment in by speculators, 213
in London Gold Pool, 188
Marshall Plan payments to, 146
proposal of customs union, 147
World War I reparations payments, 39
J
J. H. Stein bank, 17, 34, 35, 129
J. Henry Schröder bank, 17, 34, 35, 187
Jackson, Robert, 161
Jacobssen, Erin, 88
Jacobssen, Per
Allen Dulles, introduction to, 127
BIS, role of in, 52
on curtailment of public expenditure, 175–176
economic philosophy of, xvii
Emil Puhl, relationship with, 84, 127–128
evacuation from Basel, 81
Japanese peace proposal, relay of to Allen Dulles, 131
as president of IMF, 176
as source of information for Allies and Germany, 127–129
unified Europe, belief in, 165–166
James, Harold, 212
Japan, xvii, 20, 130–131, 255
Japanese-Americans, internment of, 143
Járai, Zsigmond, 232, 235
Jaretski, Ludwig, 86
Jean Monnet Program, 168
Jenkins, Roy, 193
Johnson, Karen, 229–230
J. P. Morgan, xviii, 21, 38, 108
JSC Directive, 138
Jung, Carl, 4
K
Kádár, János, 202, 205
Kan Yoshimura, 130
Karmeinsky, Ewald, 104
Kaufman, Samuel, 143
Keilhau, Wilhelm, 122
Kennedy, John F., 189
Kennedy, Rudy, 103–104, 158
Keppler, Wilhelm, 35
Kersten, Felix, 118–119
Keynes, John Maynard, 10, 52, 124
Kharroubi, Enisse, 271
Kindelberger, Charles, 88
King, Sir Mervyn, xi, xii, 251
Klein, Ezra, 256
Kleinwort bank, 35
Knight, Malcolm, xxii, 234, 250, 262
Köcher, Otto, 87
Kohl, Helmut, 220, 233
Kojiro Kitamura, 130
Kontinental-Öl, 183–184
Korea, 255
Kransberg Castle (Dustbin), 149
Kreuger, Ivar, 75–76, 118, 169
Kristallnacht, 44, 48
Krupp, Alfried, 159
Kubowitski, A. Leon, 144
L
Lamfalussy, Alexandre
Delors Committee, membership in, 211–213
as director of European Monetary Institute, 225–227
ECC Governors’ Committee, membership in, 209
on economic and fiscal policy, 235
on European Payments Union, 166–167
as “Father of the Euro,” xxii, 230
Lamont, Thomas, 108
Latvia, 25
Laughland, John, 221
Lausanne Conference (1932), 41
Lawrence, Geoffrey, 162
Layton, Walter, 3, 4–5, 13–14
League of Nations, 90
Lee, Higginson & Company, 73, 74, 76, 118, 120, 144, 169
Lehman Brothers, 239
Leica Camera, 156
Leigh-Pemberton, Robin, 210
Lend Lease program, 82–83
Lenin, Vladimir, 40, 43, 44
Leutwiler, Fritz, 197, 200, 203–206
Libor scandal, 242
Lisbon Treaty (2009), 246
Lithuania, 25
Lloyds, 35
London Gold Pool (LGP), xvi, 188–189
Long, Breckinridge, 106, 160
Loser, Claudio, 261, 267
Luther, Hans, 24
Luxembourg, 146, 167, 217
Luxford, Ansel, 123
Luzatti, Luigi, 31
M
M. M. Warburg bank, 149–150
Maastricht Treaty (1992), 220, 243, 245
Macedonia, xxii
MacLaren, Donald, 101–102, 157–158, 177
Mahon, Guinness, 35
Malik, Josef, 59, 60, 63, 66
Mann, Henry, 37
Marjolin, Robert, 174
Markets Committee, xvi, 189
Marshall Plan, 138, 140–141, 142, 146–147, 165–166, 175
Martín-Aceña, Pablo, 55
Marx, Karl, 6
Mattuck, Israel, 77
McCloy, John
European union, support of by, 165, 173–174
Jean Monnet, friendship with, 169–170
ruthlessness of, 143–144
ties to German businessmen, 142–143, 158–160
as US High Commissioner for West Germany, 158
World Bank, as president of, 142
McDonough, William, 241–242
McGarrah, Gates
on Bank of Greece’s missing gold, 23
on BIS secrecy, 32
on currency speculation by BIS officials, 39–40
with Federal Reserve Bank of New York, 17–18
on German elections (1930), 24
on German loan, 75
on intervention in German money markets, 25
letters to about Eleanor Dulles, 18
Nazi party, view of, 34
as president of BIS, 18, 23–25
on purpose of BIS, 42–43
Schrobanco, as board member of, 17, 18
McKittrick, Thomas
Allen Dulles, friendship with, 75, 113, 132
Allied-German business cooperation, encouragement of, 120–121
appointment as BIS president, 73, 76, 89–91
background, 73–76
Baltic states’ gold, refusal to turn over to Soviet Union, 79–80
Chase National Bank, as a vice president of, 133
cultivation of important people, 94–95
Emil Puhl, relationship with, 82–83, 115, 156–157
at European Cooperation Administration, 141
evacuation from Basel, 81
Hanfstaengel, role in release of, 76–77
Jews, attitude toward, 77
Nazi gold and, 114–115, 267
obituary of, 194–195
Orvis Schmidt, interview by, 125–126
personal life, 88
on plans for postwar financial system, 246
as recipient of Order of Crown of Belgium, 133
return to Basel, 110
as source of information on wartime Europe, 96–99, 113–114
Sweden, connections in, 116–117
trip to New York, 96
Wall Street, connections to, 99–100
Meer, Fritz ter, 225
MEFO bill, 46
Mein Kampf (Hitler), 24
Melchior, Carl, 29, 34, 36
Mendes-France, Pierre, 31
Messersmith, George, 105–106
Mexico, rescue package for, 206
Meyer, Laurence, xiv
Mitchell, Charles E., 36
Mitterand, François, 233
Money, psychology of, 7
Monnet, Jean, 168–170, 172–173, 192
Monnet, Murnane & Company, 170
Mooney, James, 104–106
Moreau, Emil, 11
Morgan, J. P., 24
Morgan & Cie, 108
Morgenthau, Henry
on abolishment of BIS, 121–123
on BIS “neutrality,” 54
monitor of Chase National Bank’s German accounts, 106
on moving Czech funds, 64
opinion of BIS, 95
Morgenthau, Henry, Sr., 96
Morgenthau Plan, 138, 141, 142
Murnane, George, 169–170
N
National Bank of Belgium, 85
National Bank of Hungary, 202
National City Bank of New York, 74
Nation’s Busines
s magazine, on purpose of BIS, 42
Nelson, Frank, 80
Netherlands, 79, 146, 167, 188, 219, 246
Neue Freie Press, on central banks, 31
New York Federal Reserve
blockage of BIS transactions by, 95
Czech assets, transfer of, 64–65
emergency loan to Germany, 28
gold accounts in BIS, 67
membership in BIS, 229–230
ownership of shares in BIS, 20–21
relationship with BIS, 147
repatriation of German gold, 263
New York Herald Tribune, on BIS wartime activities, 132
New York Times
on attendance at Schacht’s birthday celebration, 45
on BIS culture of secrecy, xxiii
on financiers’ meeting with Hitler, 37
on Hjalmar Schacht, xix
on liquidation of BIS, 66
on Montagu Norman, 3
obituary of Karl Blessing, 195
obituary of Thomas McKittrick, 194
New York Times Magazine, on BIS, 22
News Chronicle, on Montagu Norman’s trip to Berlin, 45
Niedermann, Carlos, 107
Niemeyer, Otto, 61, 65–66, 76, 82, 122, 176
Nigeria, looted assets of, 261–262
NML Capital, 260
Norman, Montagu
as Baron Norman of St. Clere, 139
collusion in transfer of Czech gold, 60, 62–63, 267
as founder of BIS, xvii
Hjalmar Schacht, friendship with, 30, 44–45, 162
McKittrick, support for, 89
personality, 3–4
prestige of, 50
Norman, Priscilla, 162
Nuremberg Tribunal, 30, 139, 153, 158–162
Nye, Archibald, 128, 129
O
Office of Strategic Services (OSS)
Allen Dulles and, 94, 113
continuation of U.S. links with German industry, 119
Harvard Plan, 119, 121, 138, 224
information on Nazi plans, 115–116
Official Monetary and Financial Institutions Forum, 249
Ohlendorf, Otto, 154–155, 159
The Old Wizard (Schacht), 11
“Opinion on How the Reichsbank Should Conduct Itself in the BIS” (Blessing), 182
Organization for Economic Cooperation and Development, 140
Organization for European Economic Cooperation, 140–141
P
Padoa-Schioppa, Tomasso, 212
Paersch, Fritz, 152–153
Papen, Franz von, 35
Pennant-Rea, Rupert, 232–234, 240, 252
Per Jacobssen Foundation, 192
Peterson, Peter G., 252
Pilet-Golaz, Marcel, 90
Pilotti, Rafaelle, xix, 81, 110
Playfair, E. W., 122
Pohl, Karl Otto, 210
Pol, Heinz, 130, 224
Poland, 79, 153
Pons, María A., 55
Porters, Robert, 36
Portugal, 87, 198, 248
Potsdam Conference, 131, 138
Price Waterhouse, 75
Puhl, Emil
conviction of for war crimes, 86, 159–160
interrogation of by American intelligence, 126–127
Jacobssen, relationship with, 84
McKittrick, relationship with, 82–83, 90, 115, 156–157
post-war trip to U. S., 177
on relationship of BIS with Reichsbank, 83–85, 217
Q
Quantitative Easing, 247
Quarterly Review (BIS), 237
Quesnay, Pierre, 24
R
Red House Report, 155
Reichsbank
abolishment of, 151
founding of, 30
Hjalmar Schacht and, xvii, 7, 9, 24, 33
policy on BIS, 27–28
relationship with BIS, 83–85, 114–115, 127
reparations payments and, 9–10
Reichsgruppe Industrie, 153
Rentenmark, 6–7, 9
Reparation payments, World War I
arguments about, 5–6
cancellation of, 29
Dawes Committee (1924), 9–10
moratorium on, 28
Reparations Commission (1921), 6
Young Plan (1929), 11–13
“Report to the Secretary on the Acquiescence of this Government in the Murder of Jews” (Morgenthau’s staff), 160
Reserve currency rescue, coordination of by BIS, 193
Retinger, Joseph, 173
Revelstoke, Lord (John Baring), 11, 12
Reynolds, Jackson, 18
Ribbontrop, Joachim von, 90
Rijksbank, 108
Ripley, Joseph, 146
Romania, 25, 87, 98, 184
Roosevelt, Eleanor, 186–187
Rooth, Ivar, 89, 108–109, 117
Rooth, Lars, 108
Rosière, Jacques de la, 204
Ruiz, Elena Martínez, 55
Russia, 257
S
Saudi Arabia, 257
Schacht, Hjalmar
acquittal of war crimes, 160–162
appointment of von Schröder to BIS board, 35
Ashton-Gwatkin, meeting with, 70–71
background, 8–9
Deutschmark, opinion of, 151
economic achievements of, 45
as founder of BIS, xvii
as General Plenipotentiary for the War Economy, 46
on Germany’s armaments program, 46
Germany’s debt obligation, rewriting of, 38–39
Hitler, attempt to bring down, 48
Israel, inadvertent visit to, 162–163
Jews, emigration plan for, 48
lecture tour, 24
Montagu Norman, friendship with, 9, 30, 44–45, 162
Nazi party, assessment of, 33–34, 47–48
The Old Wizard (autobiography), 11
Owen Young, bank proposal to, 12
prestige of, 51
as Reich currency commissioner, 6–7
Reichsbank, as president of, 7, 33, 70
Reichsbank funds, manipulation of by, 46
on trial at Nuremberg, 139
Young Plan, anger at, 14, 24
Schacht, Luise, 14
Schacht, Manci, 163, 195
Schacht, Wilhelm (Hjalmar’s father), 8
Schacht, Wilhelm (Hjalmar’s grandfather), 8
Schacht & Company bank, 162
Schellenberg, Walter, 118–119
Schering company, 118
Schiller, Karl, 193
Schindler, Dieter, 79–80
Schleminger, Gunther, 201
Schmidt, Orvis, 123, 124–126
Schmitz, Hermann, 35–36, 50–51, 149, 158, 159
Schnitzler, Georg von, 129–130, 158
Schrobanco, 17, 18
Schroder, Bruno von, 35
Schröder, Kurt Freiherr von, 34–35, 38, 159, 187
Schubert, Heinz Hermann, 159
Sequel to the Apocalypse: The Uncensored Story—How Your Dimes and Quarters Pay for Hitler’s War (Booktab), 102
Seyss-Inquart, Arthur, 221
Sheets, Nathan, 235, 250
Sibert, Anne, 244
Siegman, Charles J., 229
Simon, John, 61, 63
Simpson, Christopher, 184
65th Annual Report (BIS), 237
Skinner, Thomas, 64
Slovakia, xxii
Slovenia, xxii
Small Working Group, 153
Smith, Walter Bedell, 173
Snake in the Tunnel, xxi, 209, 222
Solvay & Cie, 143, 170
Solvay American Investment Corporation, 37
South Africa, 198
Soviet Union, 55, 79–80, 129, 205, 206
Spain, 55–56, 198
Spanish Civil War, role of transnational capital in, 54–57
Special Drawing Right, 268
Spitzweg, Carl, 46
Square Mile, 227
SS (Schutzstaffel), financial empire of, 154–155
Stability and Growth Pact (1997), 231
Standard Oil, 36, 100–102, 121
Steffeck, Clara, 7
Stephens, Glenn, 248
Sterling Products, 101
Stimson, Henry, 32, 131, 144
Strauss, George, 59
Streit, Clarence K., 15
Strong, Benjamin, 3, 214
Sudetenland, 53, 59
Sullivan and Cromwell, 16, 18, 75, 170
Sunday Times (London), on Mark Carney, 249
Sweden, xi, 25, 84, 108–109, 116–117, 119
Swiss Bank Corporation, 118
Swiss Federal Council, 261, 263
Swiss National Bank, 87–88, 114–115
Switzerland
BIS, defense of immunities of, 261
in European Payments Union, 167
on Financial Stability Board, 257
General Agreement to Borrow, contribution to, 191
gold, storage of in, 115
gold-for-coal arrangement with Germany, 87
Hague Convention, signing of, 20
as intelligence-gathering location, 113
as intermediary, 91
in London Gold Pool, 188
neutrality of, 81, 84, 91, 109
Romanian oil, buyer of, 98
T
Taibbi, Matt, 257
Tasca, Henry, 88
Teagle, Foundation, 104
Teagle, Walter, 36, 100, 104
Thyssen, Fritz, 145
Tiarks, Frank, 17, 34, 35
Tietmeyer, Hans, 226
Times (London), on London Gold Pool, 189
Toniolo, Gianni, 20, 22, 29, 68, 264
Tower of Babel, story of, 255, 271
Treaty of Paris (1951), 167
Treaty of Rome (1957), 217
Tribune de Lausanne, on BIS wartime activities, 132
Trichet, Jean-Claude, 242, 252–253
Trip, Leonardus, 34
Trott zu Solz, Adam von, 99
Turkey, 87, 167, 198
U
Unilever, 183, 187
Union Banking Corporation, 145–146
United Nations Monetary and Financial Conference (1944), 121–125
United States
BIS, investigation of, 82
BIS, opposition to, 32, 89
blockage of BIS transactions by, 95, 111, 133
chemical companies, lawsuits against, 143
continuation of links with German industry, 119–121, 129
ESCU, loan to, 174–175
gold reserves of, 55–56
gold standard, 42
influence on postwar Europe, 173
in London Gold Pool, 188
monitor of export of German capital, 156
monitor of Wallenbergs and Enskilda Bank, 118
Nazi industrial espionage in, 101
Spanish civil war, view of, 56
United States, takeover of GAF by Treasury Department, 102
Urbig, Franz, 74
V
Vaulx, Charles de, 243
Vocke, Wilhelm, 151–152
Volcker, Paul, xiii, 206, 231
Völkischer Beobachter newspaper, 76
Voorhis, Horace Jeremiah, 97
