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By James Stewart Martin

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Extra resources for All Honorable Men (New World Order and the rise of Hitler)

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It was our intention to carry these policies along in the way that miners carry canaries to detect poison gases. We knew from the beginning of the occupation that once these economic reforms fell, other reform measures would not survive for very long. We were scarcely flying blind when we made the Ruhr our foremost objective. The struggle over the Ruhr had brought the first major breakdown of Allied policy in 1923 when Britain and the United States refused to back up the French occupation of the valley; and ten years later the financiers and industrialists of that area had boosted Hitler into the driver's seat.

Beginning in October 1924, when American investors advanced $110,000,000 of the original $200,000,000 international loan under the Dawes Plan, a stream of private loans to German governmental organizations, public utilities, banks and industries had poured in American money from private sources at the average rate of over a quarter of a billion dollars a year, until the American crash of 1929. Two American investment banking organizations handled the bulk of this private lending system for the rebuilding of Germany.

Were there some five or ten or twelve men among these who stood head and shoulders above the others either in knowledge or in degree of responsibility for the German efforts? Perhaps the records of the International Steel Cartel at Luxembourg would furnish clues to help us concentrate our attention first on a few individuals and a few companies in Germany. But Luxembourg was "liberated" territory. One could not simply walk in and open up filing cases and take a look. In March 1945, Luxembourg as yet had no government of its own.

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