Word: debtors
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Dates: during 1940-1949
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Basically, however, the average Briton's woes stem from his government's self-contradicting attempts to expand production and exports while, at the same time, saving dollars by not buying food or permitting some individual freedom of buying. Because Britain is overly sensitive of her debtor status she offers her workers intellectual incentives--promises that four or five sacrificing years will bring the long sought fruits. But the vital daily incentives, the extra meat, or new suit of clothes, are withheld...
Briefly slated, the chief area of disagreement in to what extent the many semi-socialistic, debtor nations, particularly the United Kingdom, are willing to relax their closely gripped trade reins and exchange concessions with the great creditor nation, the United States, devoted to a lively, but often capricious free-enterprise system. The first group of nations places a high level of employment and security from depression well before expansion or profits. As one London paper stated on the eve of the meetings, "These countries think that the first task is not to increase world trade but to make its flow...
...meet America all the way is based, in part, upon her uncertainty as to whether our tariffs will again become a political football as well as her fear that American prosperity is at best an ephemeral thing. But Britain is also overly sensitive of her unaccustomed role of debtor nation and tends to keep a too watchful eye on bank balances, at the expense of economic initiative...
...constructed at snail's pace; most building materials are being exported for money. There are few new cars, radios, and clothes: here again, the overseas market is being served first. Nor is there much chance that the situation will improve in the near future, for England finds herself a debtor nation for the first time and is terribly anxious about her financial straits. A major worry of late has been the prospect that U. S. inflation will destroy whatever benefits the loan might bring by enabling England to buy far less in the U. S. with the extended credits...
Quick, Cheap, Painless. Section 77 of the Bankruptcy Act was designed to make bankruptcy a quick, cheap, financially painless procedure for the debtor. It turned out to be none of these for the original security holders. As a basis for a railroad's reorganization, the Interstate Commerce Commission has had to make long-range forecasts of the road's earnings. ICC had warned that it could not do this, proved it by guessing wrong on at least nine roads...