they are in RARE company indeed... to my knowledge, ONLY Finland, has ever paid us back in full.
Posted on 12/24/2006 12:01:58 AM PST by bruinbirdman
THE government will this week close a chapter in Britain’s wartime history by completing the repayment of a loan taken out with America more than 60 years ago, just after the second world war. Treasury officials said the repayment of the US war loan taken out under a 1945 agreement would be completed by December 31.
The loan dates back to September 1945. From 1941, Britain and other allied nations had received large quantities of equipment and supplies under Franklin Roosevelt’s Lend-Lease programme.
Britain received about $30 billion of goods — just over £7 billion at the prevailing exchange rate — during the war years, in effect gifts from America. But in September 1945 the US abruptly announced an end to the Lend-Lease programme, despite the need for large-scale reconstruction and with Britain on its knees economically.
Goods already in Britain or in transit were sold to the UK government at heavily discounted prices — one-tenth of their value — the amount paid being in the form of a loan.
The amount, together with a line of credit, was $4.34 billion with a 2% interest rate, originally intended to be paid back over 50 years beginning in 1950.
Some critics, including Lord Keynes, saw the loan as a means used by America to subjugate Britain after the war.
As it was, keeping up the payments was often difficult. There were six years when Britain deferred payment as a result of economic crises and pressure on the official reserves. But this week’s £43m remittance will pay it off.
Many war loans are never repaid.
Britain borrowed money from America during the first world war but never fully settled the debt. This was because President Herbert Hoover declared a debt moratorium during the global financial crisis of 1931.
At the time of the moratorium, Britain was owed more in war debt by other countries than it owed to America.
Actually Germany never repaid its marshall plan debt. Germany Was loaned a total of One trillion four hundred and forty eight million. Most of the debt was forgiven in 1953 they only had to repay 1 billion at that time. I believe most of that was forgiven also.
Now there is a blast from the past.
Seems all the Treaty of Versailles Gold Bonds that the Red Army stole at the end of WW2 were made into worthless confetti. But there are still groups of con-men traveling the world selling them to other con-men.
they are in RARE company indeed... to my knowledge, ONLY Finland, has ever paid us back in full.
Strange that you think I suggested that Britain came to Americas aid. I do not know where you got that. It was in the interest of all decent nations, or any nation concerned about their own future to fight the Nazis.
There is no doubt the US came to Britain's aid. And their own defense.
Regards
ping
I stand corrected...thanks...
Britain entered the war in September 1939. America did not enter until December 1941. As this article shows, material assistance we received in between from America was paid for. This whole nonsense of us "being saved" is nonsense. We had thwarted Hitler's plans of invasion well before you entered, with materials we paid for - what is true is that France and the rest of Europe would not have been liberated without American assistance.
Ivan
My parents lived in England from 1951-55, my father was in the USAF. My mother said there were numerous bombed buildings that had been left standing and that their neighbors, they lived off-post, were still heavily rationed.
What really saved Britain was Hitler's stupid invasion of Russia.
My response to any American swaggering about how much Britain owes the USA is simple: go to hell. The Americans were not just paid monetarily, but also in bases and in trade deals. America got a very good deal, we fought on alone until June 1941.
Ivan
The neighbors weren't rationed, goods were. I knew what I meant, but ya'll might not. I need a cup of tea.
The Battle of Britain was in 1940. Hitler invaded Russia in June 1941.
Ivan
Britain didn't end rationing till 1956 - the postwar period was in some ways worse than the war years from what I've read.
God Bless the grit of him and the folks of those Magnificent Isles for hanging in there.
And a Merry Christmas to you and yours.
Will Britian pay us back for burning down the WH in 1812?
Having read the complete series of Churchill's monumental history of WWII - I am aware of the dates.
Hitler's invasion of Russia kept Hitler from trying again to subdue England with all the resources of Europe behind him.
I spent about an hour reading the RHR unit history for 1944-45..some very interesting details.
http://www3.ns.sympatico.ca/laird.niven/public_html/index.htm
I believe that was one of the master-strokes of the US pre-WWII era by FDR. He as able to quietly and efficently dismantle the British Empire via economic hardball, while destroying the Nazi attempt at empire. Churchill had his delusion that the Imperial Empire could be maintained, however FDR's actions ensured that post-WWII that particular pipe-dream would vanish. Congrats to the hard-nosed FDR on that score.
FDR's big mistake was letting the Soviet empire get too big, too fast - but he was quite ill at Yalta and his State Department was filled with communist sympathisers and agents. Thank God he changed Vice-Presidents running for his fourth term...
dvwjr
it was sarcasm.
http://www.toptips.com/debtclock.html
http://www.brillig.com/debt_clock/
http://zfacts.com/p/461.html
http://www.worldnewsstand.net/history/your_debt.htm
Well, Hitler thwarted his plans for invasion, by abandoning tactical bombing for terror bombing, even Churchill admitted that. But your point is taken.
Britain certainly did what she had to do to hold off the Jerries until we could get into the fight.
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