To the memory of Reichskristallnacht Nov 9 1938
Expropriation
What happened to the property of the murdered European Jews? On the economics of the Nazis
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If we want to understand the expropriation of the Jews in countries, occupied by and dependent on Germany, we need to make a short review of the technology of the war financing. The First World War was financed in Germany to 84 per cent via bonds, and only to 16 per cent via taxes and deductions. The Second World War, which was more than four times more expensive, was financed, from the outset on, in "the golden covering ratio" of 50/50 by public revenues and debt. applied. This way any memories of the war inflation from 1914 to 1918, which had nevertheless came to 100 per cent, and of the hyperinflation of 1923, should be avoided. The German financial administration could to some extent adhere to this guidance until 1944. Only how? The occupied and dependent countries had to come up with half of the regular public revenues. They were saddled with enormous contributions and payments for the occupation costs, credits even war loans. The total comes to 100 to 120 billion Reich marks.
Jewish property as the soldier's pay
According to the will of the German leadership the war should in principle finance itself to a large extent from the occupied countries. Therefore German soldiers always obtained their pay in the respective national currency and should if possible spend it on the spot. The same way all the services, raw material, goods and food supplies destined for the German armed forces and for export into the Reich were paid for. This shifted the inflationary pressure, that is typical for a war, out of Germany onto the rest of Europe. The German occupation administrations and Quisling governments could of course handle a moderate, but not a galloping, monetary depreciation. The implosion would (and that was clear to all responsible persons) immediately undermine any accusatory order and make the orderly looting of the subjected country impossible. At this point the fortunes of the European Jews - under extreme secrecy - came to play a role in war-financing policies.
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coomplete translation of the article at
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