From Times Online:Americans should be hoping that the Chinese will be kinder to us than we were to the Brits after the second world war. Readers of a certain age will remember, and the younger ones who study history will have learnt, what creditor Uncle Sam did to debtor John Bull when Britain sent John Maynard Keynes to Washington to negotiate a loan from us.
Britain had spent blood and treasure to beat the Nazis, and was hoping for a gift of $3 billion, a credit line of $5 billion, and other generosity. But President Harry Truman, advised by communist spies such as Harry Dexter White, insisted on terms so onerous that the pound was supplanted by the dollar and Britain was, in the view of some, expelled from the first rank of economic powers for decades, until Margaret Thatcher decided that her government’s job was not to manage decline.
Read more ....
My Comment: They are starting to put the squeeze .... for now.
No comments:
Post a Comment