Well, I hope our Euro creditors will remember the Marshall Plan and not U.S. conduct in 1918. The following is from Jane Ridley's review in The Spectator of _1918: War and Peace_ by Gregor Dallas:
"The quarrel at the Paris peace conference, vividly described here, was about war loans. The Americans had made loans to Britain and Britain made loans to the Allies. When the Americans obstinately refused to accept the burden of Britain's Allied loans, Keynes minuted, 'It almost looks as if they took a satisfaction in reducing us to a position of complete financial helplessness and dependence.' American meanness forced the Allies to cover their debts by demands on Germany, making Germany responsible for bearing the full cost of the war. This was the origin of the notorious 'war guilt' clause, which led to such disastrous consequences. Keynes warned about crippling the German economy, and Woodrow Wilson opposed squeezing Germany until the pips squeaked, but the policy had its origins in America's niggardly refusal of credit to the Allies."
Of course, I wonder if Keynes overstated the case in talking about Britain's "helplessness." This Spectator review also notes:
"London emerges as barely affected by the war. With its richness and sparkle, it seemed almost indifferent, a provincial city where people didn't talk about the war but complained about the servant shortage. On Armistice Day an American commented that in New York the bells were ringing, but 'in England you remain silent in the hour of your triumph . . . It is perfectly amazing.' (A. J. P. Taylor’s assertion that in London on Armistice Day 'total strangers copulated in doorways' turns out to have been mere wishful thinking.)"
Full text: http://www.spectator.co.uk/bookreview.php3?table=old§ion=current&issue=2001-02-24&id=296
Carl
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