Word: creditors
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...have undermined the world's prosperity--first, by misdirecting the investment of capital and thus prolonging and aggravating many maladjustments which had grown up during the war between the supply of commodities and the demand for them; second, by preventing trade from adjusting itself to the new international debtor-creditor relationships created by the war and the peace treaties...
...people realize how violent were the shift in international debtor-creditor relationships produced by the war and the pence treaties. Within less than ten years the United States was changed from the largest debtor nation in the world to the second largest creditor nation and Germany from the second largest creditor nation to the largest debtor nation. In addition, there were great increases in the foreign obligations and great decreases in the foreign holdings of many European countries and substantial increases in the foreign debts throughout Latin America and Australasia...
...Every one knows that in the long run interest and dividends on international investments must be paid in goods. Consequently, the new debtor-creditor relationships required extensive changes in the flow of goods between nations. For example, they required that Germany which for many years had an excess of imports, suddenly develop a large excess of exports, and that the United States, which for fifty years had had an excess of exports, promptly develop a large excess of imports...
Applicant for the receivership was Mr. Spreckels himself, owner of $10,000,000 par value securities in the company and its creditor for $50,000. Depression has hit the company so badly that it has only nominal cash, has current liabilities almost twice as great as current assets, has paid no dividends since 1924, is accumulating interest debts at the rate of $300,000 a year...
...former ambassador to Germany. Opening the affirmative issue A. J. Irvine, in an excellent outspoken talk claimed that Germany could not pay her debts, and that the one year moratorium of President Hoover was not sufficient. He criticized the French attitude on reparations as selfish, and claimed that the creditor nations should rally to help Germany out of her present crisis out of a spirit of fair play...