The Banker Behind Hitler’s Shadow Empire

By mid-1936 Spain was economically backward, socially volatile, and politically explosive. After a rebellion’s coup failed and with a dawning civil war on their hands, it was unsurprising that the two Spains sought supplies from the great powers to make up for their deficits in armaments and technology. Foreign supplies were, as of the coup, a necessary—if not sufficient—element of victory in the dawning civil war.

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