Word: debtors
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...order to start business in Europe, both plans provide for making short-term advances to nations which, for a considerable period after the war, will have to import more goods than they export. Most European nations will become debtors to the White stabilization fund (or the Keynes Clearing Union) while a few nations in the Western Hemisphere, pre-eminently the U.S., will become its chief creditors. Meanwhile, Britain, in buying more from the U.S. than it sells to the U.S., while selling more to the Continent than it buys, would have the net effect of increasing the position...
...either situation both the White fund and the Clearing Union would try to correct the trade discrepancy. Significantly, however, the White plan places most emphasis on a nation which is constantly a debtor. With an eye on the U.S., Keynes insists on the responsibility of a creditor to accept, imports and lower tariffs...
...this continued over a long period it would indicate that trade relations were unhealthy. The situation might be remedied if the World Bank made a loan to the debtor country, and presumably the function of the bank would be to extend short-term loans to destitute nations. But eventually the bank would be expected to call for some readjustment. One readjustment might be an attempt to revalue such a country's currency in terms of gold and the bancor unit. A revision downward would make it easier for the debtor country to export, more difficult for it to import...
...Debtor. In Paducah, Ky., a robin to whom E. N. Smith had fed crumbs every day turned up at the back door with a dollar bill in its beak, dropped it on the porch, flew...
Democrats, shouting that the non-interventionists were "appeasers and defeatists," beat four amendments down. A fifth which got through was a provision to pay for the seized vessels of debtor nations with credit on their debts. Majority Leader McCormack declared that this was "more of an overt act" than anything in the original measure, accused Republicans of talking one way and voting another...