Foreign News: Whose Mercy?

When the British were dickering for the American loan, U.S. officials pointed to the war-born debt (in pounds sterling) that the British already owed in other foreign lands. One U.S. official suggested that Britain simply tell those creditors that the debts must be scaled down. Said Henry Wallace in a masterpiece of kibitzing: "Send them here if you don't want to tell them. Just send them here. We will tell them!"

It wasn't going to be as easy as that. Last week, two Britons were making the rounds of countries to which the bulk of Britain's £3,750,000,000 sterling debt is due. And...

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