Friday, September 24, 2010

Quotation
Our government, would be subject to every political pressure that desperate foreign statesmen can invent and their groups of nationals in our borders would clamor at the hill of Congress for special favors to their mother countries. Our experience in war shows that foreign governments which are borrowing our money on easy terms cannot expend it with the economy of private individuals and it results in vast waste... The collection of a debt to our Treasury from a foreign government sets afoot propaganda against our officials, against our government. There is no court to which government can appeal for collection of debt except a battleship. The whole process is involved in inflation, in waste, and in intrigue. The only direct loans of our government should be humane loans to prevent starvation. The world must stop this orgy of expenditure on armament. European governments must cease to balance their budgets by publishing paper money if exchange is ever to be righted. The world is not alone in need for credit machinery. It is in need of economic statesmanship.
— Herbert Hoover speaking against loans to foreign nations before the American Bankers Association in Chicago, December 1920

From here.

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