International: No Haven

Lauchlin Currie, the President’s economic blitzman, got much more out of Switzerland than the first accounts indicated when he completed his mission to Berne last fortnight (TIME, March 19). In addition to cutting their war trade with Germany, the Swiss:

¶ Revoked the banking-secrecy act which protected Nazi deposits in Switzerland.

¶ Froze all German assets in Switzerland, including those held by Swiss dummies.

¶ Stopped the blackmarket trade in German gold, by which the Nazis put their capital in Swiss francs.

In Switzerland alone, the Nazis thus lost a huge gob of capital and hidden assets which might otherwise have been used to hasten defeated Germany’s return to power. Even more important, the Swiss measures established a precedent for similar safeguards in other neutral countries where the Nazis might seek financial and personal shelter. “Lauch” Currie had British, French and U.S. associates on his mission, but he was entitled to a personal accolade when he returned to Washington. Said he : “This really ends the last hope of the Nazis for establishing themselves through the safe haven of property held abroad.”