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Nice to get repaid, but what a loaded article!!

Britain received about $30 billion of goods — just over £7 billion at the prevailing exchange rate— during the war years, in effect gifts from America.

Hmm, he says the prevailing exchange rate, but doesn't specify if it's 7 billion pounds in todays pounds, don't you think today's pounds would be a better measure than the exchange rate value of 60 years ago?

But in September 1945 the US abruptly announced an end to the Lend-Lease programme, despite the need for large-scale reconstruction and with Britain on its knees economically.

Let the whining begin! The arrogance of foreigners always strikes me. They both state what we need to do for them, and fail to state why they are of such integral value to us! Go figure.

Goods already in Britain or in transit were sold to the UK government at heavily discounted prices — one-tenth of their value — the amount paid being in the form of a loan.

You're welcome.

The amount, together with a line of credit, was $4.34 billion with a 2% interest rate, originally intended to be paid back over 50 years beginning in 1950. Some critics, including Lord Keynes, saw the loan as a means used by America to subjugate Britain after the war.

I'd like to be subjugated with 2% interest and a 50year repayment window!

As it was, keeping up the payments was often difficult.

Whaa, whaa! I'm crying here. India had a real lean 150 years there too, as all their wealth and resources were whored away by the Britishers. Considering that (and all of Britain's other colonial "successes") it so funny to see them wail for their own lost pennies. What prima donnas!

Many war loans are never repaid.

Wow, and you get a gold star for being special too.

Britain borrowed money from America during the first world war but never fully settled the debt. This was because President Herbert Hoover declared a debt moratorium during the global financial crisis of 1931.

Er, you could actually still send it on over, you know, Hoover won't stop you now, actually.

At the time of the moratorium, Britain was owed more in war debt by other countries than it owed to America.

Whaaa, whaaa, poor suffering Imperial victims. I hope he's not implying that Hoover declared a moratorium on Britain's debts, he didn't have that power, but it would be par for the course for some foreigners to release their own debts, then say we did it!

I expected this to be posted by MadIvan, as I've seen him reference the "final loan repayment" elsewhere. I wonder what his take on this exercise in self-pity would be?

And Merry Christmas everyone!

I expected this to be posted by MadIvan, as I've seen him reference the "final loan repayment" elsewhere. I wonder what his take on this exercise in self-pity would be?

My response to any American swaggering about how much Britain owes the USA is simple: go to hell. The Americans were not just paid monetarily, but also in bases and in trade deals. America got a very good deal, we fought on alone until June 1941.

Ivan

Today's pounds is worth less than that of WWII relative to the dollar. If all of America's expenditures were as productive as this loan I would shout with joy.