CURRENCY RAIDERS

Hokitika Guardian, 19 September 1933, Page 6

CURRENCY RAIDERS

“BALKANS GANG” OPERATIONS- , PROFITS IN “REAR"’ RAIDS. . . LONDON, September 16. The crazy currency dance which is demonstrably not related to ordinary commercial transactions is attributed in the City to renewed operations of the “Balkans Gang.” This consists of ten international financiers, who perfected the technique of exchange speculation when Balkan currencies plunged madly td destruction alter the war.

Sutjr-ess depends upon the gang’s elusiveness, and nobody knows .which currency'will .next be-attacked, or who will initiate the raid there. The trail is iconfused by hundreds of smaller speculators, who : are seeking to imitate the gang’s - operations.

Paris is usually: the spearhead of ;the attack, and flank advances are made through Berne and -Amsterdam. Sometimes the members -of the gang' Operate together, sometimes ' separately; and even against' each other. They have an : elaborate -i-nteHigence service,/ with 'agents everywhere; Enormous financial resources are behind their publicity de-

partments, -enabling them to arrange for the speedy dissemination of propaganda designed to weaken o r strengthen particular currencies. It' is ; estimated that, the gang’s profits during recent' ‘‘bear”: -raids on the franc -and .guilder were £10,000,000. . Britain’s defence '- against'vast speculative 'operations as the'Exchange Equalisation Fund, the working of which is as mysterious as the gang’s' funds.' It is virtually the World’s only safeguard against monetary panic which the gang is incessantly seeking to engineer. A high banking authority says the failure of the Economic Conference to •agree" on a common currency plan was tragic, as it was the only means oi stopping financial vultures from sabotaging civilisation for their own profit.