Word: debtors
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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...
...went into the war a debtor nation and came out a creditor...
...made Britain a debtor nation; she needed dollars to get back on her feet. To her the $4,400,000,000 loan meant...
...group of Oxford economists opposed Bretton Woods because it "tended to outlaw discriminatory practices" held to be necessary in Britain's desperate debtor position. The Beaverbrook papers criticized Bretton Woods as a return to an inflexible gold standard. Sharpest attacks came from a "young Tory" M.P., Robert John Graham Boothby, once Churchill's private secretary, who charged that advocates interpreted Bretton Woods as the gold standard in the U.S. and as a flexible system in Britain. With all the weight of his authority, Lord Keynes called Bretton Woods "the exact opposite of the gold standard...
...proposed viceregal control of finance is presumably due in part to Britain's debtor position to India. Britain now owes ?1,030,000,000 (about $4,500,000,000) in the form of sterling credit to India. Britain is unable to repay even a small part of the debt immediately, and does not want India to sell her sterling credit to the U.S. In time she hopes to pay her debt by sales of export goods to India...