What do you think?
Rate this book
Cashing Out: The Flight of Nazi Treasure, 1945–1948
When Nazis looked to flee Europe with stolen art, gems, and gold in tow, certain “neutral” countries were all too willing to assist them.
By the end of January 1945, it was clear to Germany that the war was lost. The Third Reich was in freefall, and its leaders, apart from those clustered around Hitler in his Berlin bunker, sought to abscond before they were besieged. But they wanted to take their wealth with them.
Their escape routes were Sweden and Switzerland boasted proximity, banking, and industrial closeness, while Spain and Portugal offered an inviting Atlantic coastline and shipping routes to South America. And in various ways, each of these so-called neutral nations welcomed the Nazi escapees, along with the clandestine wealth they carried.
Cashing Out tells the riveting history of the race to intercept the stolen assets before they disappeared, and before the will to punish Germany was replaced by the political considerations of the fast-approaching Cold War. Bestselling author Neill Lochery here brilliantly recounts the flight of the Nazi-looted riches—the last great escape of World War II—and the Allied quest for justice.
By the end of January 1945, it was clear to Germany that the war was lost. The Third Reich was in freefall, and its leaders, apart from those clustered around Hitler in his Berlin bunker, sought to abscond before they were besieged. But they wanted to take their wealth with them.
Their escape routes were Sweden and Switzerland boasted proximity, banking, and industrial closeness, while Spain and Portugal offered an inviting Atlantic coastline and shipping routes to South America. And in various ways, each of these so-called neutral nations welcomed the Nazi escapees, along with the clandestine wealth they carried.
Cashing Out tells the riveting history of the race to intercept the stolen assets before they disappeared, and before the will to punish Germany was replaced by the political considerations of the fast-approaching Cold War. Bestselling author Neill Lochery here brilliantly recounts the flight of the Nazi-looted riches—the last great escape of World War II—and the Allied quest for justice.
336 pages, Hardcover
First published November 7, 2023
17 people are currently reading
171 people want to read
About the author
Neill Lochery
18 books33 followersNeill Lochery, PhD, is a world-renowned source on Israel, the Middle East, and Mediterranean history. He is the author of five books and countless newspaper and magazine articles. He regularly appears on television in the UK, the USA, and the Middle East. He is currently based at University College London and divides his time between London, Lisbon, and the Middle East.
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 16 of 16 reviews
December 10, 2023
I received an ARC of “Cashing Out: The Flight of Nazi Treasure, 1945-1948” from NetGalley and Hachette Book Group, Inc., in exchange for an honest review. Unfortunately, for reasons entirely within my control, I inadvertently let this book lapse. So, I decided to be responsible for my pernicious lack of timing and purchased this book to complete the review.
Written by Neil Lochery, this book is comprised of 19 chapters, along with a bibliography and endnotes. With a book of this type of historical magnitude, I expect due diligence regarding research, and the author responsibly fulfilled this to a “T.”
This was a slow-moving book for me, and particularly the beginning. The first 4 chapters didn’t really focus on “The Loot,” but rather on the roles of so-called neutral nations of Spain, Portugal, and Sweden during the war.
I learned quite a lot of information from this book. For example, Lochery revealed that during the war, the pope asked Americans not to deploy black soldiers when they liberated Rome. I’ve always known that the Pope was antisemitic, but I didn’t know just how blatantly racist he was. I wish that I could be surprised. But, unfortunately, I’m not. I was also not surprised when I read that Nazi looted gold was helped to make renovations at the Fatima shrine in Portugal.
The author showed the Nazi exodus to numerous countries in South America via the ports of Spain and Portugal. It was there, Lochery informs us, that they received protection—even after the war—from both local and national officials in those countries (e.g., police, politicians, and civil servants) either in the form of sympathy, political favors, and/or money. Even at the height of the war, it was shocking to hear how in a so-called neutral country that the Portuguese secret services and police not only helped but allowed newly-arrived Jews to be deported back to their countries of origin or straight to concentration camps. Although I’m giving Portugal as a primary example, the author outlined other countries involved in the complicity of theft: Brazil, Argentina, Italy, the Vatican, Sweden, Switzerland, and Monaco, among others.
The one major issue that I have with this book is the title. Instead of “Cashing Out: The Flight of Nazi Treasure, 1945-1948,” I think the author should have called it “Cashing Out: The Flight of Nazi-Looted Treasure, 1945-1948.” Lochery realizes that most of the treasure was looted from others—both Jewish and gentile—so retitling the book would have helped. The title as it is now falsely impresses the idea that, somehow, the Nazi’s were transferring their OWN wealth rather than having stolen it.
Books like the ones that Lochery wrote are never going to be easy reads—not just because of the writing, but also because of the subject matter. I congratulate the author on writing and completing this book. And I absolutely encourage others to pick it up and reengage with the past through modern research.
Written by Neil Lochery, this book is comprised of 19 chapters, along with a bibliography and endnotes. With a book of this type of historical magnitude, I expect due diligence regarding research, and the author responsibly fulfilled this to a “T.”
This was a slow-moving book for me, and particularly the beginning. The first 4 chapters didn’t really focus on “The Loot,” but rather on the roles of so-called neutral nations of Spain, Portugal, and Sweden during the war.
I learned quite a lot of information from this book. For example, Lochery revealed that during the war, the pope asked Americans not to deploy black soldiers when they liberated Rome. I’ve always known that the Pope was antisemitic, but I didn’t know just how blatantly racist he was. I wish that I could be surprised. But, unfortunately, I’m not. I was also not surprised when I read that Nazi looted gold was helped to make renovations at the Fatima shrine in Portugal.
The author showed the Nazi exodus to numerous countries in South America via the ports of Spain and Portugal. It was there, Lochery informs us, that they received protection—even after the war—from both local and national officials in those countries (e.g., police, politicians, and civil servants) either in the form of sympathy, political favors, and/or money. Even at the height of the war, it was shocking to hear how in a so-called neutral country that the Portuguese secret services and police not only helped but allowed newly-arrived Jews to be deported back to their countries of origin or straight to concentration camps. Although I’m giving Portugal as a primary example, the author outlined other countries involved in the complicity of theft: Brazil, Argentina, Italy, the Vatican, Sweden, Switzerland, and Monaco, among others.
The one major issue that I have with this book is the title. Instead of “Cashing Out: The Flight of Nazi Treasure, 1945-1948,” I think the author should have called it “Cashing Out: The Flight of Nazi-Looted Treasure, 1945-1948.” Lochery realizes that most of the treasure was looted from others—both Jewish and gentile—so retitling the book would have helped. The title as it is now falsely impresses the idea that, somehow, the Nazi’s were transferring their OWN wealth rather than having stolen it.
Books like the ones that Lochery wrote are never going to be easy reads—not just because of the writing, but also because of the subject matter. I congratulate the author on writing and completing this book. And I absolutely encourage others to pick it up and reengage with the past through modern research.
July 5, 2023
I could not resist the book by Neill Lochery. As a fellow student of European History at the University of London, I was naturally drawn to the subject matter. Lochery's book delves into specific aspects of the war that often escape the broader historical narrative, offering a deeper understanding of this monumental conflict.
Lochery skillfully takes readers on a journey inside the countries that maintained their neutrality during WWII, namely Switzerland, Spain, Portugal, and Sweden. These nations, while officially neutral, were deeply entangled with Germany and profited from their wartime connections. Their neutral status brought profound changes to their societies, allowing them to thrive economically through lucrative trade and enabling them to retain much of the gold they received during and after the war. Surprisingly, these countries also provided various forms of assistance to the Nazis, even aiding in the resettlement of war criminals and becoming gateways for Nazi escape routes to South America. Argentina and Brazil, in particular, benefitted greatly from Nazi funds and played significant roles in harboring former Nazis.
One of the book's focal points is the vast amount of gold stolen from occupied countries' central banks, as well as the extensive looting of art and other valuables from Jewish individuals. This stolen gold was then used to finance the war, as the Nazis resorted to counterfeiting currency and gold became the only acceptable means of conducting international trade. Additionally, the book sheds light on how neutral countries facilitated the trade of art and antiquities through closed circles during the war. Personal collections flourished, and auctions were frequently held, with many Jews forced to sell their precious artwork in exchange for passage on ships to safer locations or falling victim to outright theft.
I learned a lot from the book. It has details that I didn’t know but as this is a vast subject, it was hard to organize and tell the story. I also attempted to fact check some information and it seems it is hard to get accurate information as to how much gold is still in the vaults of Portugal and Spain and where it is in some of the other countries. There is so much secrecy around this subject, even the Vatican was involved, so getting to the bottom line is not easy and it is deeply complex.
Furthermore, the book sheds light on the contrasting approaches taken by the United States and Britain in handling stolen art, informants, and interactions with neutral countries. The differing styles and priorities of these two nations, despite their mutual dependence on each other, provide valuable insight into the post-war landscape and the challenges faced by a financially strapped Britain.
Neill Lochery kept me engaged and I was glad I got a chance to read the book. There is a vast amount of information to cover, and I thank NetGalley for the opportunity.
Lochery skillfully takes readers on a journey inside the countries that maintained their neutrality during WWII, namely Switzerland, Spain, Portugal, and Sweden. These nations, while officially neutral, were deeply entangled with Germany and profited from their wartime connections. Their neutral status brought profound changes to their societies, allowing them to thrive economically through lucrative trade and enabling them to retain much of the gold they received during and after the war. Surprisingly, these countries also provided various forms of assistance to the Nazis, even aiding in the resettlement of war criminals and becoming gateways for Nazi escape routes to South America. Argentina and Brazil, in particular, benefitted greatly from Nazi funds and played significant roles in harboring former Nazis.
One of the book's focal points is the vast amount of gold stolen from occupied countries' central banks, as well as the extensive looting of art and other valuables from Jewish individuals. This stolen gold was then used to finance the war, as the Nazis resorted to counterfeiting currency and gold became the only acceptable means of conducting international trade. Additionally, the book sheds light on how neutral countries facilitated the trade of art and antiquities through closed circles during the war. Personal collections flourished, and auctions were frequently held, with many Jews forced to sell their precious artwork in exchange for passage on ships to safer locations or falling victim to outright theft.
I learned a lot from the book. It has details that I didn’t know but as this is a vast subject, it was hard to organize and tell the story. I also attempted to fact check some information and it seems it is hard to get accurate information as to how much gold is still in the vaults of Portugal and Spain and where it is in some of the other countries. There is so much secrecy around this subject, even the Vatican was involved, so getting to the bottom line is not easy and it is deeply complex.
Furthermore, the book sheds light on the contrasting approaches taken by the United States and Britain in handling stolen art, informants, and interactions with neutral countries. The differing styles and priorities of these two nations, despite their mutual dependence on each other, provide valuable insight into the post-war landscape and the challenges faced by a financially strapped Britain.
Neill Lochery kept me engaged and I was glad I got a chance to read the book. There is a vast amount of information to cover, and I thank NetGalley for the opportunity.
January 11, 2024
Pretty dry. The second half of the book was better than the first.
November 9, 2023
Many books have detailed the Nazis systematic plundering of their conquered terrorizes, most notably The Rape of Europa: The Fate of Europe's Treasures in the Third Reich and the Second World War, or the work of the Monument’s Men in saving historic sites from destruction and the restitution of stockpiles of riches. Fewer have extended their scope to address the nations that benefitted financially from this plunder, especially in the immediate post war climate. Neill Lochery’s Cashing Out: The Flight of the Nazi Treasure, 1945-1948 focuses on five nations: Portugal, Spain, Sweden, Argentina and Brazil. Most of them stayed neutral through the conflict, with only the European nations able to maintain that standing to the war’s conclusion.
Locherry is very detailed in presenting his evidence, having drawn greatly form the archival records. We do not have a traditional chronological detailing, instead we journey from nation to nation seeing snippets of events and how they related. As it is focused on the end of the war and the immediate post war climate there is a lot of content on the development of spy craft and intelligence programs in each of the nations. All the nations, in some way benefitted financially, Sweden especially traded natural resources that allowed the Third Reich’s industries to maintain a war footing longer than their own networks would have allowed.
Thanks to the shipment of art and other treasures from occupied Europe, the Nazis were able to determine which regions it would be easiest to bribe their way past or who were less concerned with confirming the genuine-ness of identity documents. Some of the Nazi decision makers were also thinking in the long term, preparing for the possibilities of defeat years in advance.
Locherry looks at the competing interests in the different nations, between those nations and the Third Reich and the competing priorities of the different Ally agencies. Lacking a single united organization at many points hampered the success of the Allies to track down the gold or artworks, or at the end of the war to track and capture escaping Nazis who made full use of the rat lines to hide in place or escape to South America.
As other books have noted, the Allies postwar fell out on ideological grounds with a clear expectation of hostilities between the two remaining global superpowers.
And that is the true tragedy at the center of Cashing Out the best of intentions were not given the resources necessary to truly track and apprehend the looted gold and artwork, or capture escapees. Instead the priority was to jockey for resources and expertise for the new post war political realities.
Well worth reading for history enthusiasts or those exploring post WWII Europe, the early days of the Cold War, or the failures of de-Nazification.
I received a free digital version of this book via NetGalley thanks to the publisher.
Locherry is very detailed in presenting his evidence, having drawn greatly form the archival records. We do not have a traditional chronological detailing, instead we journey from nation to nation seeing snippets of events and how they related. As it is focused on the end of the war and the immediate post war climate there is a lot of content on the development of spy craft and intelligence programs in each of the nations. All the nations, in some way benefitted financially, Sweden especially traded natural resources that allowed the Third Reich’s industries to maintain a war footing longer than their own networks would have allowed.
Thanks to the shipment of art and other treasures from occupied Europe, the Nazis were able to determine which regions it would be easiest to bribe their way past or who were less concerned with confirming the genuine-ness of identity documents. Some of the Nazi decision makers were also thinking in the long term, preparing for the possibilities of defeat years in advance.
Locherry looks at the competing interests in the different nations, between those nations and the Third Reich and the competing priorities of the different Ally agencies. Lacking a single united organization at many points hampered the success of the Allies to track down the gold or artworks, or at the end of the war to track and capture escaping Nazis who made full use of the rat lines to hide in place or escape to South America.
As other books have noted, the Allies postwar fell out on ideological grounds with a clear expectation of hostilities between the two remaining global superpowers.
And that is the true tragedy at the center of Cashing Out the best of intentions were not given the resources necessary to truly track and apprehend the looted gold and artwork, or capture escapees. Instead the priority was to jockey for resources and expertise for the new post war political realities.
Well worth reading for history enthusiasts or those exploring post WWII Europe, the early days of the Cold War, or the failures of de-Nazification.
I received a free digital version of this book via NetGalley thanks to the publisher.
October 30, 2023
Cashing Out by Neill Lochery is a riveting and thoroughly-researched Nonfiction book about the post-WWII period when Nazis went to great lengths to obtain and retain wealth after it was clear they lost the war. Many countries were complicit with escape routes (ratlines) which helped house both the criminals and treasures. Nazis took whatever they wanted at whatever cost.
So many things to mull over but my favourite aspect was learning about the sheer amount of theft of some of the best-known art ever created, not to mention private collections and treasures such as gold, the latter of which was considered "ill-gotten gains" by some. Though I've read about degenerate art during this time, the author discusses it here as well. The strategic thefts changed the world economically and some opportunistic countries utilized war repercussions to augment profits by trading with Germany. Intelligence and counter intelligence were crucial. Some German prisoners quickly caved under interrogation but others didn't budge. It was interesting to read about specific personalities and what happened to some of the art collections.
If you are riveted by true crime, strategy, world economics, global players and the importance of art and treasures as a whole, this is for you.
My sincere thank you to Public Affairs and NetGalley for providing me with an early digital copy of this fabulous book.
So many things to mull over but my favourite aspect was learning about the sheer amount of theft of some of the best-known art ever created, not to mention private collections and treasures such as gold, the latter of which was considered "ill-gotten gains" by some. Though I've read about degenerate art during this time, the author discusses it here as well. The strategic thefts changed the world economically and some opportunistic countries utilized war repercussions to augment profits by trading with Germany. Intelligence and counter intelligence were crucial. Some German prisoners quickly caved under interrogation but others didn't budge. It was interesting to read about specific personalities and what happened to some of the art collections.
If you are riveted by true crime, strategy, world economics, global players and the importance of art and treasures as a whole, this is for you.
My sincere thank you to Public Affairs and NetGalley for providing me with an early digital copy of this fabulous book.
September 25, 2023
Unfortunately, this wasn’t the most captivating book, but it was informative. Don’t go into this expecting a supplement to Monuments Men. Particular works of art are barely even mentioned. It primarily focuses on countries that were neutral during WWII and their interactions with Germany during and after the war. Primarily, Portugal, Spain, Sweden, and Switzerland are examined here, what kind of commerce they engaged in with the Nazis, and if they helped any Nazi fugitives (and their loot) escape Europe after their defeat.
The Allied efforts to uncover looted art and gold were often thwarted by the unhelpfulness of the aforementioned countries. It didn’t help that there were often pissing contest between Americans and British, and that political squabbling hindered the urgency of tracking down Nazi treasure. I did learn quite a lot about the political dynamics of the neutral countries, along with Brazil and Argentina. It is a comprehensive scrutiny of Europe’s post-war recovery and the shift in priorities to address the Cold War.
I received a complimentary copy of this book from the publisher.
The Allied efforts to uncover looted art and gold were often thwarted by the unhelpfulness of the aforementioned countries. It didn’t help that there were often pissing contest between Americans and British, and that political squabbling hindered the urgency of tracking down Nazi treasure. I did learn quite a lot about the political dynamics of the neutral countries, along with Brazil and Argentina. It is a comprehensive scrutiny of Europe’s post-war recovery and the shift in priorities to address the Cold War.
I received a complimentary copy of this book from the publisher.
November 19, 2023
Before you read this book, keep in mind that the author is a historian first, with a writer coming in at a distant second. The book could have used a good editor to cut down on wordiness, make sentences read smoothly, change passive to active voice, etc. Nevertheless, the author was very knowledgeable and had researched the topic extensively. Nazis smuggled stolen art, gold and other treasures out of Germany and then often fled themselves, first to neutral nations, particularly Spain and Portugal, and eventually to Argentina and other places in South America. There were other neutral countries, such as Sweden and Switzerland, which also welcomed the stolen artifacts. We get a good look at the leaders of these countries and how they responded to American and British requests and how politics were so often involved. Then we see how the rise of the Cold War changed many priorities. Read it for the extensive look at the history of the time.
May 21, 2024
Cashing Out is a well-researched analysis of the end and aftermath of World War Two, and how many people and countries managed to steal and keep stolen assets, despite the efforts of the Allies (at least in some cases...) to find and take them back to their true owners. With all the competing agendas identified by Mr. Lochery, it is no surprise that many efforts were unsuccessful. Also, the countries which have not (TO THIS DAY...more than 70 years later) returned stolen assets they retained.
August 5, 2023
Thanks to the publisher and NetGalley for letting me review this book. This was an interesting read about what happened to the artworks and other pieces that the Nazis stole during WWII. It was interesting to read that several countries that were neutral still profited from the stolen pieces. I was glad to read that some of the artworks were able to be returned.
May 25, 2024
Great read if you want to understand the “neutral” countries in WWII who help Nazis escape from Europe at the end of the war and who also profited from gold and treasures sized illegally by the Third Reich. Just wish there had been at least one chapter dedicated to the tracking down of some treasure.
April 28, 2025
Enlightening angle to consider the end of WWII, when the Nazis were escaping retribution and taking everything they could grab with them, particularly the valuables of the people they had murdered. I learned about the neutral European nations who profited from the war without risk and then profited from the reconstruction. It wasn't a good look and should be exposed.
December 16, 2023
Very fascinating book looking at the role of neutral countries and the exodus of Nazis and looted art/gold at the end of World War II. It really makes me rethink how we view countries like Sweden, Portugal, and Spain. My only critique of the book was that it jumped from topic to topic fairly often.
December 21, 2023
Interesting but really not a lot to Add in the Quest for Nazi Treasure.
This entire review has been hidden because of spoilers.
June 17, 2024
Probably an excellent resource if you were studying these particular issues... but not a particularly compelling read.
Got about 1/2 way through in fits & spurts before I decided to move on.
Got about 1/2 way through in fits & spurts before I decided to move on.
February 29, 2024
This book represents a unique aspect of WWII history, not found elsewhere. I expected to learn more about what happened to Nazi looted art, and I did, but I also learned a lot about how Nazi officials escaped Europe. Enter the Rat Line. The differences between Brazil and Argentina in how they responded to this influx was new to me. Also learned a lot about the roles of Portugal and Sweden after the war that was eye opening. Highly recommended.
December 4, 2024
Extremely well-researched and fact intensive. It was a very interesting read. Many things I had never heard before about the Nazis and countries that were friendly toward them. I am disappointed in my expectations however. From the cover and the description of the book, I thought this would cover the works of stolen art, jewels, gold, etc. They were rarely mentioned and in general terms. There was much more focus on the politics and economics involved with the Nazi flight.
Displaying 1 - 16 of 16 reviews