Who Financed Hitler in World War II: Banks, Industry, and Conflicts of Interest
During World War II, the financing of Hitler and the Nazi regime was complex, involving both state-controlled sources and private entities. This paper examines the key financial contributors and their involvement, including banks, multinational corporations, and industrialists, along with the exploitation of conquered territories and forced labor.
State-Controlled Financial Resources
Germany's Nazi government collected various forms of revenue to fund its war efforts, primarily through taxes, tariffs, and the seizure of assets from persecuted groups, including Jews. These assets contributed significantly to the regime's financial resources. The German military also looted wealth from conquered territories, including art, gold, currency, and industrial equipment, which further bolstered the war machine's financial power.
Occupied Territories and Forced Labor
Occupied territories provided additional financial resources through the exploitation of their natural resources and the forced labor of millions. These individuals were essentially reduced to slaves, working on infrastructure and military projects to support the Nazi war effort. While Nazi Germany was largely self-sufficient in resources, it did receive financial assistance from sympathetic countries like Italy and certain industrialists in the United States.
Corporate and Banking Connections
International banks, multinational corporations, and industrialists played key roles in financing the Nazi regime. For instance, while some companies, such as Ford and General Motors, had their own ethical dilemmas, many US banks funded companies closely aligned with Hitler. Notable among these was the Bush family. George W. Bush's grandfather, Prescott Bush, was reportedly involved in financial transactions with Nazi firms despite the ongoing war. Prescott Bush was a director of Brown Brothers Harriman (BBH), which acted as a US base for the German industrialist Fritz Thyssen, a key financier of Hitler in the 1930s.
Tantalizing evidence suggests that Bush's business dealings with Thyssen's company led to civil actions in Germany. The link between Bush and Thyssen's companies, such as the Union Banking Corporation (UBC) and the Consolidated Silesian Steel Company (CSSC), which utilized slave labor from concentration camps, is well documented. This involvement has sparked renewed interest and controversy, especially since the Bush family's actions occurred during a war in which they were officially at war with the regime they were funding.
Other Significant Financiers
In addition to UBC and the Bush family, Swiss banks also played a significant role in financing the Nazi regime, despite the ethical implications. Several Swiss banks were later compelled to settle out-of-court with Holocaust victims in the 2000s, acknowledging their role in profiting from the war. The historical significance of these financial transactions cannot be overstated, as they highlight the extent to which corporate interests and financial transactions were intertwined with the atrocities of World War II.
Understanding these financial connections helps to provide context for the broader historical narrative of World War II and raises important questions about corporate responsibility and ethical business practices.
Conclusion
The financing of Hitler and the Nazi regime was a multifaceted affair that involved both state-controlled resources and private entities. The details of these financial networks and their operations are crucial for a comprehensive understanding of the war's financing and the ethical dimensions of corporate involvement.