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 For Winslow - WW2 Debt Payment

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Slow Puffs
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Age : 68
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PostSubject: For Winslow - WW2 Debt Payment   Thu May 29, 2008 8:55 pm

I just came across your question in another thread. I knew Canada had been paid. And looking it up, the USA was paid as well. This happened a couple of years ago.

Quote :
Britain pays its last installment on World War II debt
The Associated PressPublished: December 29, 2006




LONDON: Britain paid the last installment of its World War II-era debt to the United States and Canada on Friday, making its final US$100 million (75.91 million) payment to its allies.

Britain was left with a debt of US$4.3 billion to the United States and US$1.2 billion to Canada more than 60 years ago, when London took out loans to finance reconstruction.

Annual payments on the loans, taken out at 2 percent interest, have since totaled nearly US$10 billion, or about twice the original debt in dollar terms.

"This week, we finally honor in full our commitments to the U.S. and Canada for the support they gave us 60 years ago," Economic Secretary Ed Balls said in a statement. "It was vital support which helped Britain defeat Nazi Germany and secure peace and prosperity in the postwar period."

Most American assistance to Britain came through the Lend-Lease program which gave away nearly US$27 billion worth of equipment, food, weapons and fuel to the British war effort. When the program ended in 1945, Britain took out loans for reconstruction.

Britain agreed to repay the money over 50 years, but the loan's terms allowed deferred payments when economic conditions were difficult. Britain deferred payments six times during the 1950s and 1960s, when unfavorable exchange rates and low currency reserves made them onerous.

The total amount borrowed is equivalent to about US$60 billion (45 billion) in terms of today's purchasing power.

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Winslow

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PostSubject: Re: For Winslow - WW2 Debt Payment   Thu May 29, 2008 9:28 pm

That's good news,I didn't know that.When are they going to pay for burning
down the White House in War of 1812? lol!

Winslow
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Slow Puffs
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PostSubject: Re: For Winslow - WW2 Debt Payment   Thu May 29, 2008 9:33 pm

A better question is when is the Iraq oil going to start paying for Iraq's reconstruction?
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Slow Puffs
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PostSubject: Re: For Winslow - WW2 Debt Payment   Thu May 29, 2008 9:38 pm

Winslow wrote:
That's good news,I didn't know that.When are they going to pay for burning
down the White House in War of 1812? lol!

Winslow

Actually in thinking about it, this might be a good time period as housing prices are dropping in the USA. How much is a white house going for in the USA nowadays?
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Justpipes
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PostSubject: Re: For Winslow - WW2 Debt Payment   Thu May 29, 2008 10:21 pm

That is very interesting Paul.

I wonder if the US Gov. will use that money to pay down it's own debt or will they give that money to some far left special interest group for some bogus research or something in order to create a job for a friend of a friend..............you know what I mean......
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Slow Puffs
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PostSubject: Re: For Winslow - WW2 Debt Payment   Thu May 29, 2008 10:59 pm

Government debt is an interesting subject...

In the early 1990's, a new third political party in Canada, the Reformed Party, made it a huge issue. They got a digital counter displayed that actually showed how government debt was increasing every minute with the question, "Is this how you would manage your own household finances?". The ruling Conservative Party of the time was decimated from 200 or s seats to just 2 seats. The new Liberal Party put into practice surplus budgets to pay down the debt and won the next three elections. Now the Conservatives are back in and we are perilously close to going into a deficit budget again.

Go figure... conservatives spending like liberals and liberals saving like conservatives.

It doesn't matter, whether it's liberal or conservative, governments need to manage wisely.
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