Word: reichsmarks
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...just how important they think the Allied successes in Sicily are. They were paying only half as much for German marks as they paid before the Sicilian invasion began. Unlike German bonds, the mark has reacted to Allied victories in only one way-downward. In Berne last week a Reichsmark was worth the equivalent of 1.86 U.S. cents (in 1939, 14 cents...
...Treasury's $20,400,000,000 gold hoard-about 75% of all the world's monetary gold. If dumped on an island which then disappeared, said he, its lack would not hurt the world economy. For in the new world economy the dominant currency would be the Reichsmark, whose value, as at present, would be "assigned to it by the State." And if the U. S. wishes to adjust itself to the Nazi system, it must lower the dollar price of gold (revalue its currency upward) so that gold will flow out of the U. S., and goods...
This was obvious preparation for a postwar drive to get U. S. gold for Germany. If Dr. Funk could really peg all European currencies to a Reichsmark "work dollar," he could fix the value of labor in all countries that had to trade with him, would have perfected a streamlined form of international slavery. But though he has demonstrated that Nazi collectivism can wage war, he has yet to show it will work in peace. Gold, he granted, would still have a use in settling international balances. But nations use gold primarily because it is prized by individuals. Dr. Funk...
Last week Nazi agents not only offered goods under prices quoted by U. S. firms, but promised forfeits of from 10% to 40% on the purchase price if the goods were not delivered by October or November. Though not payable in cash, the forfeits would be settled by establishing Reichsmark credits applicable on purchases from the Reich. Meanwhile, Nazi trade efforts were expedited by batches of German propaganda material, dyes and machine parts sent by international parcel post, via Russia and Japan and in many cases delivered by U. S. ships...
Theatres and churches continued to function, 90% of the citizens were said to have returned to their jobs, the puppet Government urged nonresistance. When Germans offered reichsmarks they got what they wanted to buy-at 1.66 kroner (40?) per reichsmark. Nevertheless, with its King in hiding, the city blacked out, food falling short and young men slipping off to the hills every night to join their Army, Oslo finally became resentful. Nazis shot snipers as usual. At least 100 Osloans were executed, many for refusing to chauffeur Germans to the front...