Switzerland Bought Stolen Gold During WW2 #geography #history

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vindheim
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#shorts Why is Switzerland so rich? During world war 2, Switzerland bought over $1.7 billion worth of gold. Golds that were stolen from conquered countries. That $1.7 billion is the equivalent of about $19 billion in today’s money. That’s the entire GDP of Mongolia and Moldova put together.

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Switzerland benefited from its neutrality during World War II by purchasing vast amounts of gold from Allied and Axis powers. It exchanged the precious metal for Swiss francs, the only free convertible currency at the time outside the American dollar. This trade benefitted Germany in particular, effectively turning Switzerland into an enabler of the German war effort. The Swiss acquired 79% of all German gold delivered to foreign countries, with 90% of that ending up in the Swiss National Bank and the remainder in commercial banks. It is believed that Swiss banks bought CHF1.7 billion ($1.7 billion) worth of Nazi gold, including gold that Germany plundered from the reserves of conquered countries, notably Austria, Belgium, the Netherlands, and Norway.
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