Sunday, December 31, 2006

Also in Britain, today...

Britain finishes repaying the last of the World War II loans from the US.

What is being repay these last few day of 2006 are the last of the recovery loans made to Britain by the US and Canada in 1945 and 1946.

The non-monetary condition the US attached to its loans to Britain during this period cost Britain a lot.

Some press coverage here, here and here.

Some critics, including Lord Keynes, saw the loan as a means used by America to subjugate Britain after the war.

It appears I agree with one of the greatest economists of the 20th Century too.

"Nations have no permanent friends or allies, they only have permanent interests."

Lord Palmerston PM (twice) & English Statesman, 1784-1865

There is another quote the goes something like, "Leaders have friends, nations only have interests", but I can't find it today!


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