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Tower of Basel by Adam LeBor

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CHAPTER THREE

A MOST USEFUL BANK

          “The post of Head of Section in the BIS is for Germany’s foreign policy definitely as important as the posting of many ambassadors accredited with foreign governments.”

           — Karl Blessing, Reichsbank official, 19301

Schacht’s colleagues in Berlin had a very particular view of the role of the BIS—one quite different to that which the Allies had envisaged when signing the Hague Convention. The bank set up to administer reparations was to be used to wreck them. Karl Blessing, a protégé of Schacht, wrote a lengthy memorandum in April 1930, setting out policy on the BIS. “Opinion on how the Reichsbank should conduct itself in the BIS” called for Germany to gain as much influence at the BIS as possible. ...

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