The Foreign Secretary describes a meeting he has had with the French, Belgian and Italian governments (FO 371/19892)
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One suggestion was that we should adopt the proposal of the French and Belgian Governments to begin with financial and economic sanctions. In support of this it was pointed out that it was known from various sources that Dr. Schacht had opposed the re-occupation of the Rhineland owing to his apprehensions of economic and financial sanctions, more especially the resulting inability of Germany to secure foreign exchange. That was bound before long to bring about a financial crash and this would force Germany to decide either to come to terms or to fight. In the latter event, particularly if they attacked France or Belgium, public opinion both in this country and in the world as a whole would rapidly change. The objection to this course was that the United States of America and perhaps other nations, might refuse co-operation, and economic pressure could not then be supported without blockade which would be very difficult.
[Dr Schacht was a leading Nazi and the President of the Reichsbank, the central bank of Germany at this time]