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UK settles WWII debts to allies....

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  • UK settles WWII debts to allies....

    BBC wrote:
    UK settles WWII debts to allies
    Britain will settle its World War II debts to the US and Canada when it pays two final instalments before the close of 2006, the Treasury has said.

    The payments of $83.25m (£42.5m) to the US and US$22.7m (£11.6m) to Canada are the last of 50 instalments since 1950.

    The amount paid back is nearly double that loaned in 1945 and 1946. "This week we finally honour in full our commitments to the US and Canada for the support they gave us 60 years ago," said Treasury Minister Ed Balls.

    "It was vital support which helped Britain defeat Nazi Germany and secure peace and prosperity in the post-war period. We honour our commitments to them now as they honoured their commitments to us all those years ago," he added.

    The last payments will be made on Friday, the final working day of the year.

    Deferred

    Under the lend-lease programme, which began in March 1941, the then neutral US could provide countries fighting Adolf Hitler with war material.

    The US joined the war soon after - in the wake of the attack on Pearl Harbour - and the programme ended in 1945.

    Equipment left over in Britain at the end of hostilities and still needed had to be paid for.

    The US loaned $4.33bn (£2.2bn) to Britain in 1945, while Canada loaned US$1.19 bn (£607m) in 1946, at a rate of 2% annual interest.

    Upon the final payments, the UK will have paid back a total of $7.5bn (£3.8bn) to the US and US$2 bn (£1bn) to Canada.

    Despite the favourable rates there were six years in which Britain deferred payment because of economic or political crises.

    There are still World War I debts owed to and by Britain. Since a moratorium on all debts from that conflict was agreed at the height of the Great Depression, no repayments have been made to or received from other nations since 1934.
    http://news.bbc.co.uk/1/hi/uk/6215847.stm

    "...the UK will have paid back a total of $7.5bn (£3.8bn) to the US....."

    So,where does all that money go?

    It seems to vanish...

    Does anyone in the United States ever see where all that money (alot of it being profit) goes to?

    I never saw any American newspapers or media mention this fact.

    Politicians don't speak of it,but they always claim to have no money when it comes to something the people need. -why do they need to take funds out of other programs,for instance,we have to worry that there is no money left in social security.....

    It all seems very suspect....

    That money always shows up for other things that the people do not want or need,alot of times.

    Your thoughts?



    "With a deep, not-unhappy sigh, Elric prepared to do battle with an army." (Red Pearls)
    - Michael Moorcock

  • #2
    CNN WASHINGTON :
    President Bush is likely to send anywhere from 20,000 to 40,000 additional troops to Iraq as part of his yet-to-be-announced new Iraq strategy,

    http://www.cnn.com/2007/POLITICS/01/...raq/index.html
    My thoughts are that the funds will more than likely be used to mobilize another 40,000 US recruits into Iraq.

    Comment


    • #3
      Originally posted by voilodian ghagnasdiak
      My thoughts are that the funds will more than likely be used to mobilize another 40,000 US recruits into Iraq.

      Hmm,I was wondering what the new plan was to become.

      That is alot more than the 7,000 that was reported recently.

      "With a deep, not-unhappy sigh, Elric prepared to do battle with an army." (Red Pearls)
      - Michael Moorcock

      Comment


      • #4
        $7.5 billion over the course of 50 years is totally negligible to the US budget. The interest payments on the US debt alone was $406 billion in 2006. IIRC including reconstruction and military presence the US has budgeted $350 billion to Iraq over the course of the last three years. Even a $7.5 billion one time payment would barely cover the cost of 1 month in Iraq. Sad, but true.

        Also inflation has far outpaced the 2 percent interest being charged on the debt, so in real terms the value of the money recieved was far less than that which it was given originally.

        However, the good faith of the our British allies in paying back the debt is appreciated and a measure of what all countries should strive for in their honest dealings with their neighbors, and goes to the national character of the United Kingdom as being that of the highest quality.

        Comment


        • #5
          Originally posted by Demiurge
          $7.5 billion over the course of 50 years is totally negligible to the US budget. The interest payments on the US debt alone was $406 billion in 2006. IIRC including reconstruction and military presence the US has budgeted $350 billion to Iraq over the course of the last three years. Even a $7.5 billion one time payment would barely cover the cost of 1 month in Iraq. Sad, but true.

          Also inflation has far outpaced the 2 percent interest being charged on the debt, so in real terms the value of the money recieved was far less than that which it was given originally.

          However, the good faith of the our British allies in paying back the debt is appreciated and a measure of what all countries should strive for in their honest dealings with their neighbors, and goes to the national character of the United Kingdom as being that of the highest quality.
          Ah! Thanks, Demiurge!

          Now it makes sense.

          "With a deep, not-unhappy sigh, Elric prepared to do battle with an army." (Red Pearls)
          - Michael Moorcock

          Comment


          • #6
            Oh, and by the way:

            You're welcome.
            "My candle's burning at both ends, it will not last the night;
            But ah my foes and oh, my friends, it gives a lovely light" - Edna St Vincent Millay

            Comment


            • #7
              Originally posted by Demiurge
              However, the good faith of the our British allies in paying back the debt is appreciated and a measure of what all countries should strive for in their honest dealings with their neighbors, and goes to the national character of the United Kingdom as being that of the highest quality.
              Here, here!
              Infinite complexity according to simple rules.

              Comment

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