Acquisition
The draining of Germany's gold and foreign exchange reserves inhibited the acquisition of materiel, and the Nazi economy, focused on militarisation, could not afford to deplete the means to procure foreign machinery and parts. Nonetheless, towards the end of the 1930s, Germany's foreign reserves were unsustainably low. By 1939, Germany had defaulted upon its foreign loans and most of its trade relied upon command economy barter.
However, this tendency towards autarkic conservation of foreign reserves concealed a trend of expanding official reserves, which occurred through looting assets from occupied Austria, Czechoslovakia, and Nazi-governed Danzig. It is believed that these three sources boosted German official gold reserves by US $71m between 1937 and 1939. To mask the acquisition, the Reichsbank understated its official reserves in 1939 by $40m relative to the Bank of England's estimates.
During the war, Nazi Germany continued the practice on a much larger scale. Germany expropriated some $550m in gold from foreign governments, including $223m from Belgium and $193m from the Netherlands. These figures do not include gold and other instruments stolen from private citizens or companies. The total value of all assets stolen by Nazi Germany remains uncertain.
Read more about this topic: Nazi Gold
Famous quotes containing the word acquisition:
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