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Dada Bhagwan

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“Private investors traditionally had been obliged to take losses when debtors defaulted, but it became apparent that the U.S. Government was not about to relinquish its creditor hold on the Allies. This intransigence obliged them to keep tightening the screws on Germany.”

WwiiMonetarySuper ImperialismDollar Debt
Book:Super Imperialism: The Origin and Fundamentals of U.S. World Dominance
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“But instead of U.S. citizens and companies being taxed or U.S. capital markets being obliged to finance the rising federal deficit, foreign economies were obliged to buy the new Treasury bonds being issued. America’s Cold War spending thus became a tax on foreigners. It was their central banks who financed the costs of the war in Southeast Asia.”

MonetarySuper ImperialismDollar Debt
Book:Super Imperialism: The Origin and Fundamentals of U.S. World Dominance
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“These rules meant that, unlike Britain, the United States was able to pursue its Cold War spending in Asia and elsewhere in the world without constraint, as well as social welfare spending at home. This was just the reverse of Britain’s stop–go policies or the austerity programs that the IMF imposed on Third World debtors when their balance of payments fell into deficit.”

MonetarySuper ImperialismDollar Debt
Book:Super Imperialism: The Origin and Fundamentals of U.S. World Dominance
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