Until 1977 the BIS headquartered in Basel, Switzerland, hid itself from the world. Bankers told visitors to go to Frey’s Chocolate Shop and enter the unmarked entrance of the former hotel next door.
The Bank for International Settlements was a joint creation in the 1930’s of the western world’s central banks, including the Federal Reserve Bank of New York. Montagu Norman, governor of the Bank of England was a wholehearted supporter of Hitler and, when the Nazis marched into Austria in 1938 most of the country’s gold was packed and loaded into vaults controlled by the Bank for International Settlements - the main central bank for the western world. One day later the Nazis marched into Prague, took the directors of the Czech National Bank as hostages and demanded they cede control of the country’s gold reserves representing some $48 million. Informed that the gold had already been transferred to London’s vaults, efforts were made to contact Montagu Norman - who immediately transferred the money to the Germans to outfit their war machine. Friends indeed.
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