Word: lender
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Said Chancellor of the Exchequer Hugh Dalton: "The great amount of debt we bring out of the war is indeed a strange reward for all we in this island did and suffered." Ernest Bevin frankly compared the U.S. to "a money lender." Raged Conservative Robert Boothby: "This is our economic Munich." Laborite Norman Smith chimed in that the U.S. was treating Britain as a defeated enemy forced to accept the victor's terms...
...testimony came out through a House Ways & Means Committee inquiry into a tax question: should the lender, John A. Hartford, president of the Great Atlantic & Pacific Tea Co., be permitted a $196,000 income-tax deduction for his loss on the loan? By a strict Democratic majority, the committee voted not to challenge the deduction. Minority Republicans dissented. They also carefully noted the history of the loan, as described in testimony before the Bureau of Internal Revenue, and thereby recorded one of the most unusual chapters in the history of the 31st President...
...lender has a veto power covering all major transactions...
...countries, Britain opened her home markets to farmers and ranchers of the U.S., Argentina, the Dominions. At the same time British investors lent money to build railroads, grain elevators and packing plants in new countries whose produce was being encouraged. By & large the process was profitable both to lender and borrower...
Before this there had been a failure of economic policy, not so fundamental as the failure to maintain peace, but just as disruptive of an international economic system. It was the failure of the U.S. to assume Britain's old role of lender to the world. Following World War I, it was taken for granted in banking circles that the U.S., now a leading creditor nation, would take on the job. Ambitious young Americans preparing for careers in finance spent a year or so after college in the City of London to pick up the British art and take...