sible without war, but through war, if the United States would stay out of it (EC-461, USA-58).

In 1935, Schacht announced to the American Consul Fuller:

"Colonies are essential to Germany. If it is possible, we shall acquire them through negotiations; if not, we shall seize them." (EC-450, USA-629)
Schacht admitted in Court that military pressure put upon Czechoslovakia was "in some measure the result and the fruit of his labor" (Transcript, Morning Session, 3 May 1946). b) Schacht personally participated in the plunder of private and State property of the countries which became victims of Hitlerite aggressions.

The minutes of the conference of the Military-Economic Staff on 11 March 1938, in which Schacht participated, state that those present were given Hitler's latest directives about the invasion of Austria. Further, the minutes state: "After this, at the suggestion of Schacht, it was decided that . . . . all the financial accounting will be made in Reichsmarks at the rate of exchange: two schillings for one Reichsmark" (EC-421, USA-645).

Schacht admitted in Court that he personally was in charge of the seizure of the Czechoslovak National Bank after the occupation of Czechoslovakia (Transcript, Morning Session, 3 May 1946).

c) At the beginning of 1940, Schacht offered Hitler his services for negotiations with the United States in regard to the discontinuance of aid to England and he informed Göring of his offer (PS-3700; USA-780).

d) Schacht considered it his duty to greet and congratulate Hitler publicly after the signing of armistice with France, although Schacht, better than anyone else, understood the usurpatory nature of the armistice (German Documentary Film, USA-635).

c) In his letter to Funk on 17 October 1941, Schacht suggested a more effective exploitation of occupied territory. In this case, too, Schacht acted on his own initiative (EC-504; USA-830).

Schacht also participated in the persecution of the Jews:

a) He testified in Court that he "agreed to the policy of the persecution of the Jews as a matter of principle (Transcript, Afternoon Session, 2 May 1946) although, he stated, "to a certain extent" it was a matter of conscience which, however, "was not serious enough to bring about a break" between him and the Nazis (Transcript, Afternoon Session, 2 May 1946; USA-616).

b) In his capacity of Minister of Economy, Schacht signed a series of decrees, in accordance with which the property of the Jews in Germany was subject to plunder with impunity (USA-832; USA-616).