Date of Submission:
NAZI GOLD IN SWISS BANKS
The term Nazi Gold can be referred as the gold that has been mentioned across the history to be transferred allegedly by the Nazi government to the European banks which constituted a major part of the Swiss banks. It consisted of gold that was collected by looting the empires and other kingdoms that were conquered and the people living there were victimized. The gold that was collected from the kingdom was meant to provide financial resources for developing arms, ammunition and to accommodate huge army by the Nazi.
The presence of the gold and other financial resources that were kept as a liability in these banks have been questioned since many years. There have been many researches carried out on the same. It includes the development of a financial statement of the European banks by the other leading international banking bodies and institutions across the globe.
It was mainly due to the exertion of Holocaust that took place in Germany and was carried by the Nazi army. It has been a great source of the monetary sources that were looted by the Nazis. It consisted of carrying large scale killings of the Jews that were present in Germany. It has also been established that there was about $260 million of looted gold found in Germany. It came from monetary as well as non-monetary sources. The source of these gold was not clearly specified and at the same time, it was also observed that a large amount of gold was already sent out of Germany in the banks of other countries. There was a huge amount of gold collected and looted from the kingdoms that were conquered during the Second World War was sent in the form of gold and other assets to the countries like Portugal, Sweden and Switzerland (NAZI GOLD, 1997). There was a huge amount of gold discovered by the American troops in Berlin where it stored in hoards. The value of the gold that was discovered by the American troops was found to be around $238 million in 1945 (YOUTUBE.COM, 2015).
The looting of the gold and other assets from the captured kingdoms was a major source of finance in developing the German war equipments and manpower that was required for maintaining a strong German Army that would be sufficient to protect Germany and at the same time achieve victory over the enemies. It has been observed by a famous research scholar Slany through her extended studies that the looting of the gold was not unknown to the banks present in Germany. In fact, the Reichsbank that was Germany’s Central bank was knowing about this activity and they were also a supportive element in the activity. It has been stated that there was very limited gold available with the Reichsbank as a major portion of it was already utilized for the war. So, there were very few high end and potential financial resources that could fund the arms and manpower that was required in the war (Slany, 1997).
There have been many accusations placed on the Swiss banks regarding the processing of the money that has been invested in it right since the Nazi times when there was a huge amount of gold that was looted from the kingdoms conquered transferred to these banks. There were many claims that have been accomplished and demanded by the “Independent Committee of Eminent Persons”. It has been known through the “Volcker Commission” that was established for the same. There were many reparation claims developed by the tribunals and the private sections of the German society from the Swiss banks. There has been serious inconsideration of their appeal as the results of the investigation are not clear and they are very time consuming. There have been many challenging legal issues that have been developed while resolving the incidences of Holocaust that has been developed against the Swiss banks. The moral of the families that have been suffering was found to be at the disposal end and they had a real crisis situation (Alford, 2002). It has been stated as a serious consequences of the failure of the bank to answer the Holocaust claims.
There were many unethical businesses carried during the Second World War. It was observed that the nations where the financial resources were looted and the monetary resources were sent away by the German Army consist of the Nazi had a huge impact on the development of slavery in these nations due to insufficient resources to sustain themselves in the market. There has been huge amount of financial assets invested in the Swiss banks especially during the slave labor that was prevalent due to the effects of the Second World War in the victimized countries (Eizenstat, 2004). The victims have been seeking compensation from the Swiss banks, yet their queries have not been answered by the management of these banks.
The legacies and the conditions that were developed during the Holocaust have been emphasized since the last few years. It has been a matter of international importance and there are many international bodies coming ahead to support and investigate the financial resources that was looted from the kingdoms conquered during the Nazi period. It involves developing a deep analysis of the actual accounts in which the looted amount has been deposited in the Swiss banks. The effects of the World War II have been redeveloped and analyzed to help the upliftment of the victimized nations and a considerable amount of contribution is the gold and other financial assets that was looted from these countries by the Nazis (Ludi, 2004).
Thus, it can be observed that imperfect justice was imparted and an exploitation of the victimized countries during the Second World War was carried by the Nazi army and government of Germany that was controlled by the Nazis.
Alford, R. P. (2002). The Claims Resolution Tribunal and Holocaust Claims Against Swiss Banks. Berkeley Journal of International Law , 1-32.
Eizenstat, S. (2004). Imperfect Justice: Looted Assets, Slave Labor, and the Unfinished Business of World War II. PublicAffairs.
Ludi, R. (2004). Waging War on Wartime Memory: Recent Swiss Debates on the Legacies of the Holocaust and the Nazi Era. Jewish Social Studies, 116-152 .
(1997). NAZI GOLD. London: The Holocaust Educational Trust.
Slany, W. Z. (1997). U.S. and Allied Efforts To Recover and Restore Gold and Other Assets Stolen or Hidden by Germany During World War II. U.S. Holocaust Memorial Museum, 1-260.
YOUTUBE.COM. (2015, July 21). USA: SWISS BANK OFFICIAL ADMITS THAT HIS COUNTRY SHIPPED NAZI GOLD. Retrieved from https://www.youtube.com/: https://www.youtube.com/watch?v=8Dc0D-nmK8c