denimBTC on Nostr: On a recent TFTC episode w/ MartyBent , willcole , and WAR MODE podcast, a guest ...
On a recent TFTC (npub1sk7…jraw) episode w/ MartyBent (npub1guh…6hjy) , willcole (npub1du6…yf3c) , and WAR MODE podcast, a guest mentioned hidden WWII gold, reminding me of Gold Warriors by Sterling & Peggy Seagrave—a book I read in the early 2000s that helped spark my Bitcoin journey. It’s up there with Confessions of an Economic Hitman and The Devil’s Chessboard, though rarely mentioned among bitcoiners.
“Gold Warriors: America’s Secret Recovery of Yamashita’s Gold” is a detailed exploration of Japan’s WWII plunder, describing the systematic looting of gold and cultural treasures across Asia. The Golden Lily operation, led by Emperor Hirohito’s family, amassed fortunes worth hundreds of billions today. Much of this wealth, known as “Yamashita’s Gold,” was hidden in booby-trapped tunnels and vaults in the Philippines as the war turned against Japan.
U.S. operatives, including OSS/CIA figure Edward Lansdale, later extracted its location through brutal interrogations of Japanese prisoners. This treasure, the Seagraves argue, became the “Black Eagle Trust,” a secret fund used to finance anti-communist operations during the Cold War, orchestrate coups, and prop up regimes like the Marcos dictatorship in the Philippines.
Southeast Asia, then the epicenter of the global drug trade (supplying 90% of the market), became deeply entangled with these operations. The CIA allegedly controlled key drug networks after WWII, using them to fund off-the-books activities—a strategy that later extended to South America and the cartels. These networks ultimately funneled drugs into the U.S., contributing to the 1980s crack epidemic, which devastated communities and laundered money to areas like south Florida.
As an aside, I once had an art studio in Jefferson Park, LA, a historically Black middle-class neighborhood. A homeless man I befriended, who had grown up there, recounted how the 1980s crack epidemic ravaged the area, destroying families and livelihoods. Later revelations about CIA involvement in drug trafficking tied these local tragedies to the covert funding mechanisms Gold Warriors explores.
Why was the gold kept secret? The Seagraves argue that U.S. officials, including Truman and Nixon, suppressed knowledge of these immense reserves to protect the global financial system. Publicizing this wealth could have destabilized the dollar under Bretton Woods, where it was pegged to gold. This secrecy likely influenced Nixon’s 1971 decision to abandon the gold standard, shielding the U.S. economy but accelerating inflation and widening economic inequality.
The book highlights how this “ghost fortune” fueled corruption. Ferdinand Marcos, backed by the CIA, used Yamashita’s gold to consolidate his power, enriching himself and laundering wealth through Japan’s Yakuza, who were pivotal in hiding the treasure’s origins. Imelda Marcos’s infamous extravagance—such as her vast shoe collection—symbolized the loot’s misuse while Southeast Asia remained impoverished.
So much so that the Seagraves revealed in interviews they had to hide in a remote Canadian cabin after publishing Gold Warriors. A price was allegedly placed on their heads by the Yakuza for exposing suppressed histories and their ties to organized crime and global power structures.
Gold Warriors is a reminder of buried histories (in this case literally buried). It connects hidden WWII plunder to Cold War geopolitics, CIA operations under figures like CIA director/president George H.W. Bush, and historic financial institutions like Brown Brothers Harriman, among other connections (think Clinton’s, and Obama’s).
“Gold Warriors: America’s Secret Recovery of Yamashita’s Gold” is a detailed exploration of Japan’s WWII plunder, describing the systematic looting of gold and cultural treasures across Asia. The Golden Lily operation, led by Emperor Hirohito’s family, amassed fortunes worth hundreds of billions today. Much of this wealth, known as “Yamashita’s Gold,” was hidden in booby-trapped tunnels and vaults in the Philippines as the war turned against Japan.
U.S. operatives, including OSS/CIA figure Edward Lansdale, later extracted its location through brutal interrogations of Japanese prisoners. This treasure, the Seagraves argue, became the “Black Eagle Trust,” a secret fund used to finance anti-communist operations during the Cold War, orchestrate coups, and prop up regimes like the Marcos dictatorship in the Philippines.
Southeast Asia, then the epicenter of the global drug trade (supplying 90% of the market), became deeply entangled with these operations. The CIA allegedly controlled key drug networks after WWII, using them to fund off-the-books activities—a strategy that later extended to South America and the cartels. These networks ultimately funneled drugs into the U.S., contributing to the 1980s crack epidemic, which devastated communities and laundered money to areas like south Florida.
As an aside, I once had an art studio in Jefferson Park, LA, a historically Black middle-class neighborhood. A homeless man I befriended, who had grown up there, recounted how the 1980s crack epidemic ravaged the area, destroying families and livelihoods. Later revelations about CIA involvement in drug trafficking tied these local tragedies to the covert funding mechanisms Gold Warriors explores.
Why was the gold kept secret? The Seagraves argue that U.S. officials, including Truman and Nixon, suppressed knowledge of these immense reserves to protect the global financial system. Publicizing this wealth could have destabilized the dollar under Bretton Woods, where it was pegged to gold. This secrecy likely influenced Nixon’s 1971 decision to abandon the gold standard, shielding the U.S. economy but accelerating inflation and widening economic inequality.
The book highlights how this “ghost fortune” fueled corruption. Ferdinand Marcos, backed by the CIA, used Yamashita’s gold to consolidate his power, enriching himself and laundering wealth through Japan’s Yakuza, who were pivotal in hiding the treasure’s origins. Imelda Marcos’s infamous extravagance—such as her vast shoe collection—symbolized the loot’s misuse while Southeast Asia remained impoverished.
So much so that the Seagraves revealed in interviews they had to hide in a remote Canadian cabin after publishing Gold Warriors. A price was allegedly placed on their heads by the Yakuza for exposing suppressed histories and their ties to organized crime and global power structures.
Gold Warriors is a reminder of buried histories (in this case literally buried). It connects hidden WWII plunder to Cold War geopolitics, CIA operations under figures like CIA director/president George H.W. Bush, and historic financial institutions like Brown Brothers Harriman, among other connections (think Clinton’s, and Obama’s).