International: Unwitting Shylock

The U.S. terms sent to London were harsh enough to revive the old Uncle Shylock cry.

Britain could have the $5 billion loan she needs to reconvert her war economy, and she could have 55 years to pay.

But the interest rate would be 2% (the U.S. Treasury, which can borrow for less, would make a profit at this rate); ill-prepared Britain would have to plunge again into fully competitive world trade and cast off her sea anchor, Empire preference.

These prohibitive terms were eased a bit by a provision that interest payments need not...

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