war debts

war debts.

This article discusses the obligations incurred by foreign governments for loans made to them by the United States during and shortly after World War I. For international obligations arising out of World War II, see lend-leaselend-lease,
arrangement for the transfer of war supplies, including food, machinery, and services, to nations whose defense was considered vital to the defense of the United States in World War II. The Lend-Lease Act, passed (1941) by the U.S.
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. As early as 1914 the United States began to extend credits for the purchase of American goods to the European Allies, and in 1915 the first of many long-term war loans was made to the Allied powers. In addition to loans made during the war itself, loans and credits were extended for several years after the armistice, both to allied and former enemy nations. All the debtor nations except Russia (where the USSR had replaced the Russian Empire) recognized their obligations. In 1922 the World War Foreign Debt Commission of the United States negotiated with 15 European countries and set the funded indebtedness, based on capacity to pay, at slightly more than $11.5 billion. A 62-year period of repayment was arranged for, and thus principal and interest charges would have amounted to more than $22 billion. The United States refused to reduce the debt further, but the serious European financial situation caused U.S. agreement on some reductions in 1925–26. Payments were made until 1931, largely out of the reparationsreparations,
payments or other compensation offered as an indemnity for loss or damage. Although the term is used to cover payments made to Holocaust survivors and to Japanese Americans interned during World War II in so-called relocation camps (and used as well to describe
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 that the Allies received from Germany. In 1931, in the face of the worldwide economic depression, President Hoover's proposal for a one-year moratorium on all intergovernmental obligations was adopted. In the Lausanne Pact of 1932 the debtors greatly reduced German reparations in the hope that the United States would release all claims. The United States refused. Six countries made token payments in 1933, but in 1934 all the debtors formally defaulted except Hungary, which paid interest until 1939, and Finland, which continued to pay in full.
References in periodicals archive ?
In the end, the war debts were paid for by taxation, but by a different, more dishonest form of taxation that Americans quickly grew to loathe: inflation, the subtle theft of private assets by deliberate depreciation of the currency.
Similar schemes were used with First World War debts.
And the gains from a remarkable economic performance were used to begin paying off our war debts.
What was needed was cancelation of reparations and inter-Allied war debts as a whole, together with a big reconstruction loan to put the shattered European economies back on their feet.
Iraq requests additional support in repaying Kuwait war debts
In the book's introduction, Charbel made a reference to the summit in May, 1990 in Baghdad, when Saddam was "boasting" his victory over Khomeini's Iran, and thus requested the Arabs to cancel his war debts, and to recognize his leadership over the Arabs.
In the course of the night, Jefferson recalled, they brokered one of the great political deals in American history: The national capital would be located on the Potomac, and the federal government would take on the enormous Revolutionary War debts of the 13 states.
Add in the hundred billions for wars in Afghanistan and Iraq, nuclear weapons in the Department of Energy, the National Nuclear Security Administration, the Department of Veterans Affairs, the Coast Guard, the antiterrorism budget, military aid to allies and friendly dictators, pensions, past war debts, and the tab tops off at $878 billion.
SIX decades after the Second World War, the Government yesterday settled its war debts to America and Canada.
SIX decades after the end of the Second World War, the Government yesterday finally settled its war debts to America and Canada.
His plan for a "just and lasting peace" among nations included international arbitration to settle disputes, freedom of the seas, reciprocal disarmament and renunciation of war debts, and the evacuation and restoration of all occupied territories.