What are the debtor-creditor relations that have developed between the principal powers? I shall convert pounds sterling into gold rubles, at a rate of ten gold rubles to one pound. Here is what we get: the United States has assets amounting to 19,000 million, its liabilities are nil. Before the war it was in Britain's debt. In his report on April 14, 1920, to the last congress of the Communist Party of Germany, Comrade Levi very correctly pointed out that there are now only two powers in the world that can act independently, viz., Britain and America. America alone is absolutely independent financially. Before the war she was a debtor; she is now a creditor only. All the other powers in the world are debtors. Britain has been reduced to a position in which her assets total 17,000 million, and her liabilities 8,000 million. She is already half-way to becoming a debtor nation. Moreover, her assets include about 6,000 million owed to her by Russia. Included in the debt are military supplies received by Russia during the war. When Krasin, as representative of the Russian Soviet Government, recently had occasion to discuss with Lloyd George the subject of debt agreements, he made it plain to the scientists and politicians, to the British Government's leaders, that they were labouring under a strange delusion if they were counting on getting these debts repaid. The British diplomat Keynes has already laid this delusion bare.
Of course, it is not only or even not at all a question of the Russian revolutionary government having no wish to pay the debts. No government would pay, because these debts are usurious interest on a sum that has been paid twenty times over, and the selfsame bourgeois Keynes, who does not in the least sympathise with the Russian revolutionary movement, says: "It is clear that these debts cannot be taken into account."
In regard to France, Keynes quotes the following figures: her assets amount to 3,500 million, and her liabilities to 10,500 million! And this is a country which the French themselves called the world's money-lender, because her "savings" were enormous; the proceeds of colonial and financial pillage--a gigantic capital--enabled her to grant thousands upon thousands of millions in loans, particularly to Russia. These loans brought in an enormous revenue. Notwithstanding this and notwithstanding victory, France has been reduced to debtor status.
A bourgeois American source, quoted by Comrade Braun, a Communist, in his book Who Must Pay the War Debts? (Leipzig, 1920), estimates the ratio of debts to national wealth as follows: in the victor countries, Britain and Francc, the ratio of debts to aggregate national wealth is over 50 per cent; in Italy the percentage is between 60 and 70, and in Russia 90. As you know, however, these debts do not disturb us, because we followed Keynes's excellent advice just a little before his book appeared--we annulled all our debts. (Stormy applause.)
In this, however, Keynes reveals the usual crankiness of the philistine: while advising that all debts should be annulled, he goes on to say that, of course, France only stands to gain by it, that, of course, Britain will not lose very much, as nothing can be got out of Russia in any case; America will lose a fair amount, but Keynes counts on American "generosity"! On this point our views differ from those of Keynes and other petty-bourgeois pacifists. We think that to get the debts annulled they will have to wait for something else to happen, and will have to try working in a direction other than counting on the "generosity" of the capitalists. " https://www.marxists.org/archive/lenin/works/1920/jul/x03.htm
'Thus we have a situation in which America, a wealthy country that all countries are subordinate to, cannot buy or sell. And the selfsame Keynes who went through the entire gamut of the Versailles negotiations has been compelled to acknowledge this impossibility despite his unyielding determination to defend capitalism, and all his hatred of Bolshevism. Incidentally, I do not think any communist manifesto, or one that is revolutionary in general, could compare in forcefulness with those pages in Keynes's book which depict Wilson and "Wilsonism" in action. Wilson was the idol of philistines and pacifists like Keynes and a number of heroes of the Second International (and even of the "Two-and-a-Half" International[2]), who exalted the "Fourteen Points" and even wrote "learned" books about the "roots " of Wilson 's policy; they hoped that Wilson would save "social peace", reconcile exploiters and exploited, and bring about social reforms. Keynes showed vividly how Wilson was made a fool of, and all these illusions were shattered at the first impact with the practical, mercantile and huckster policy of capital as personified by Clemenceau and Lloyd George. The masses of the workers now see more clearly than ever, from their own experience--and the learned pedants could see it just by reading Keynes's book--that the "roots" of Wilson's policy lay in sanctimonious piffle, petty-bourgeois phrase-mongering, and an utter inability to understand the class struggle.