Word: debtors
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...approve in any remote sense of the cancellation of the debts to us. World confidence would not be enhanced by such action. None of our debtor nations has ever suggested it. But as the basis of the settlement of these debts was the capacity under normal conditions of the debtor to pay, we should be consistent with our own policies and principles if we take into account the abnormal situation now existing in the world. I am sure the American people have no desire to attempt to extract any sum beyond the capacity of any debtor...
...first act of the altruistic-but-wise men and King Carol last week was to decree that hereafter 10% shall be the maximum interest payable by any rural debtor in Rumania. Heretofore village loan sharks have bled many a hard-pressed farmer to economic death by loans at 60% plus...
...question now is whether the debtor nations have not more to lose by insisting on the payment of the debt. This is a problem which the most able economists write about uncertainly, but the general opinion among these men seems to be that nothing has been gained and probably much lost in foreign trade. Accordingly, the only two arguments that could support a continuation of this oppressive policy are far from sound. There seems to be no reason for continuing...
...well-being of the creditor is endangered when the debtor is crushed under his burden. . . . The seller needs the purchasing power of the buyer. There is no method by which economic wellbeing can be permanently isolated in one country...
...means of payment provided by currency and credit have fallen so short of the amount required by increased production that a general fall in prices has ensued. "This has not only caused a disturbance in the relations between buyer and seller, but has gravely aggravated the situation between debtor and creditor. The gold standard, which was adopted with a view to obtaining stability of price, has failed in its main function. In the meantime people wrangle about fiscal remedies and similar devices of secondary importance, neglecting the essential question of stability in standard of value." Most startling, provokingly cryptic...