CURRENCY RAIDERS

Otago Daily Times, Issue 22064, 21 September 1933, Page 8

CURRENCY RAIDERS

A BALKANS GANG { RENEWED OPERATIONS. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 7. The crazy currency dance which i« demonstrably not related to ordinary commercial transactions is attributed in the city to renewed operations of the “ Balkans Gang.” This consists of 10 international financiers, who perfected the technique of exchange speculation When Balkan currencies. plunged madly to destruction after the war. Success depends upon the gang’s elusiveness, and ■ nobody knows which currency will next be attacked, or who will initiate the raid there. The trial is confused 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 intelligence service, with agents everywhere, Enormous financial resources are behind their publicity ’departments, enabling them to arrange for the speedy dissemination of propaganda designed to weaken or strengthen particular currencies.

It is estimated that the gang’s profits during recent “ bear ” raids on the frana and guilder were £10,000,000. Britain'* defence against vast speculative operations is the Exchange Equalisation Fund, the working of which is as mysterious a* the gang’s funds. It is virtually the world’s only safeguard against monetary panic which the gang is incessantly seek- 1 ing to engineer.

A high banking. authority says the failure of the Economic Conference t® agree on a common currency plan waa tragic, as it was the only means of stopping financial vultures from sabotaging civilisation for their own profit.