Word: thumbscrews
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Dates: during 1932-1932
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House Cat. The State Department's policy of requesting bankers to submit their proposed foreign loans for diplomatic inspection began in 1922. Its pur pose then was to thumbscrew European nations into funding their War debts to the U. S. by denying them fresh credits until they had done so. When all funding was completed, the State Department continued to act as a fiscal censor with the idea of bridging the abyss between Big Business and U. S. foreign policy. While it contended that it did not pass on the security or merits of foreign loans, its method of reporting...