What is Digg?209 Comments
- deut, on 10/12/2007, -8/+1412% is currently about UK inflation but when we had inflation of 20% in the 70s, that loan looked awful cheap.
On behalf of my fellow UK citizens, I'd like to thank our American brethren for their generosity. I never realised the terms of the loan were that favourable! - lordthor, on 10/12/2007, -8/+73hey, thanks for sayin so buddy. I love America, and the UK is damn fine too.
- MOJIRA, on 05/17/2008, -5/+61Let's spend it on education!
AHAHA JUST KIDDING! Had ya there for a sec didn't I? - ViperDaimao, on 10/12/2007, -6/+55$83m? thats like .0001% of our debt.
- RatBagu, on 10/12/2007, -8/+57*hugs*
- lil_isie, on 10/12/2007, -10/+55GROUP HUG!
AWWW...... - rnelsonee, on 10/12/2007, -1/+43Just a note here for those wondering -- China's not being altruistic in buying bonds - it's just that they have American currency that they have to invest it in American interests. We have a huge trade deficit with China, which means we buy more stuff from China than they buy from us. Now, we buy Chinese products with US dollars. The Chinese company that provided that product or service now has dollars. They've got a few options.
One simple thing is to go to a bank and exchange dollars for yuan. But now that Chinese bank has all those dollars. At this point the bank has the same options as the companies that don't exchange it -- invest in something American. So they either buy bonds/stock from US companies, or from the government.
Other countries buy US bonds because they have no where else to spend the money. That is why, *by definition*, a national trade deficit means that there is also a capital *influx* into the nation. So it's not all bad - it's just that we now owe that country cold hard cash, or it means that some of our assets can be controlled at least in part by foreign interests (this is what the Japanese tend to do - instead of buying Treasury bonds, they invest in private companies by buying stocks). And sometimes, a trade deficit (read: capital influx) can really help a nation - so long as it uses that capital influx to build it's own economy effectively (building the railroads being a great example - we were poor, but got the cash to build them, and our economy made up for the initial layout cost for the railroads).
And yeah, if China called us up on our debts, we'd be screwed. The only thing more disasterous would be OPEC switching to the Euro for its transactions. Keeping them from doing that is probably a full time job for many CIA guys... - underburn, on 10/12/2007, -5/+42if only the whole world was like that.
- inigomntoya, on 10/12/2007, -9/+40Interesting how we started out has the worst of enemies - now the UK is one of the few countries the US can completely trust.
- scuba7183, on 10/12/2007, -2/+32why is *ally* in stars?
- scotsboyuk, on 10/12/2007, -2/+31@geniusj
The Nazis viewed America as being controlled by Jews not to mention the fact that the Nazis didn't like democracy. Hitler's primary concerns were with Europe, he wanted Germany to rule Eastern Europe and the Soviet Union and saw Britain as an eventual ally. Hitler wanted to maintain the British Empire so as to keep order in the world whilst Germany ruled over continental Europe.
As someone who has studied military history I see there being three chief components to eventual Allied victory. The UK is the first component. After the fall of France in 1940 Britain was alone. Victory in the Battle of Britain, the only successful defensive air war in history, ensured that Hitler could not invade.
The U.S.S.R. is the next component. By invading the U.S.S.R. Germany committed itself to a massive struggle, which effectively drained the bulk of Germany's resources and armed forces.
The United States is the next component. American industrial power far outstripped the Axis countries and ensured that Allied armies had massive superiority in numbers and were well supplied so that no matter how many material losses the Allies took fresh equipment and vehicles were always ready. American involvement also allowed for the opening of a second front in the West, which, in conjunction with the Soviet advance, split the German forces. Germany at that point was fighting the three most powerful forces on Earth at that time, the British Empire, the Soviet Union and the United States. Germany had no capacity to defeat those combined forces.
Each had their part to play. Without Britain's survival there would have been no second front and Germany would have been free to divert resources to the Eastern Front as well as to seize Middle Eastern oil resources controlled by Britain. Without the U.S.S.R. the full might of the Wehrmacht could have been focused upon defending continental Europe from a cross Channel invasion and taking Egypt and Middle Eastern oil supplies. Without the U.S. Britain and the U.S.S.R. would not only have had to do without the huge American industrial base, but a second front would have been much more difficult to open successfully. One should also not underscore American contributions in the Pacific. Without U.S. involvement there Japan could have attacked the Soviet Union in the east as well diverting more resources to attacking not only the South East Asian colonies, but India and Australia.
If not for the combined efforts of the UK, U.S. and U.S.S.R. the world would be a much darker place today. In the words of Churchill:
"What General Weygand called the Battle of France is over. I expect that the Battle of Britain is about to begin. Upon this battle depends the survival of Christian civilization. Upon it depends our own British life, and the long continuity of our institutions and our Empire. The whole fury and might of the enemy must very soon be turned on us. Hitler knows that he will have to break us in this Island or lose the war. If we can stand up to him, all Europe may be free and the life of the world may move forward into broad, sunlit uplands. But if we fail, then the whole world, including the United States, including all that we have known and cared for, will sink into the abyss of a new Dark Age made more sinister, and perhaps more protracted, by the lights of perverted science. Let us therefore brace ourselves to our duty and so bear ourselves that if the British Empire and its Commonwealth lasts for a thousand years men will still say, 'This was their finest hour.'" - gregawil, on 10/12/2007, -6/+34Exactly. Let's not get into a pissing contest about how many people died from each country, because a lot more died from the U.K., Russia, etc...not that the numbers should matter anyway. Tragedy occurred everywhere, and comparing notes as to who lost the most is pretty pathetic.
- piper999, on 10/12/2007, -7/+34"On behalf of the 405,399 Americans who died in WW2. Your welcome"
You are as good with numbers as you are with spelling.
http://www.secondworldwar.co.uk/casualty.html - StevethePirate, on 10/12/2007, -5/+30I think it's because the poster no longer considers the us as an ally with the uk, which is false.
- lane.montgomery, on 10/12/2007, -3/+26I find it ironic that we lended money to a lot of the european countries and then became the major world superpower only to have China & Japan lend us tons of money (via US Bonds). I read somewhere that the main reason the US currency is doing as well as it is, is because China is buying so many US Bonds.
- CBTF, on 10/12/2007, -1/+23You guys, as a whole, tend to not know much about the war...
geniusj.. Hitler certainly did not picture the united states as an allie. In fact, he dispised it for being a melting pot. It was England that he wished to remain peaceful with, actually. It is documented that throughout the war, that he would always believe that they would eventually "see the light." He thought that brits were also of pure blood. However, the bombings occured because they just wouldnt side with him and were forced to stick up for their allies.
As far as pearl habour being "the dumbest thing ever", the japanese traditionally did not declare war. they assumed that the USA-being merchants- would not support a continued, costly war. Tactically, the move made sound sense.
And for americans- while every country suffered losses, America was a VERY late comer to the war effort, much like WW1.
Appeasement doesnt always work. - deadbaby, on 10/12/2007, -5/+27Nice... All paid off just in time for World War 3 to start.
- kyriakos, on 10/12/2007, -1/+21Although I do understand your point here, the reason the terms were so favourable was to let help others fight a war that would inevitably have involved the US. You're just saying that as if the US sent their men to die just for the sake of helping others but thats not true. Do you think you'd be in the position you are now if the whole of europe was nazi occupied and the next thing you knew was the germans and japanese bombing new york?
- Strangers, on 10/12/2007, -1/+21In fairness, if Britain had fallen, American would have been in trouble. If it had been captured, the Axis would have had most of the world's landmass to themselves. And then plently of time to regroup and attack America. America had to intervene, for everyone's sake, their own and ours. America needs to drop this "We did it only because we're cool, and awesome, and not because we were in trouble at all". :)
Also, +digg, good article - deut, on 10/12/2007, -3/+23My reason for emphasis around the word ally was a subtle reminder to point out that despite all the ***** that has gone on recently, we *are* allies.
You know these politicians come and go, we get good and bad, but at the end of the day, when our country was on it's back 60 years ago and we were alone in Europe, you guys came over and got us out of the *****. Some people might not like to remember that fact.
By the way, I'm not blowing smoke up your arse, I'm just being objective. I also do not agree with some of your culture or some of the views of your President, but all that ***** comes and goes all the time. We share an awful lot more in common than we do in difference. - jhuebel, on 10/12/2007, -3/+22Actually, based on an estimated debt of $8,365,677,423,514.68 on May 10th, $83M is about 0.0000099214918049193834661492292299258% of our national debt.
But yeah, $83M wouldn't put a dent in it. ;-) - id34, on 10/12/2007, -4/+23I'm glad this close friendship has carried on into the 20th Century.
I'm from England and love the American people. - bigpixl, on 10/12/2007, -5/+23Queen - You're My Best Friend came up in my music as I read these comments.
:) - nights0223, on 10/12/2007, -8/+26Maybe we could put that money towards some of our debt
- tonage, on 10/12/2007, -4/+22Yea, WW3 is right around the corner. Lets see, where else did I hear that. Oh, only for the last 33 years. And I am 33.
- lo0ol, on 10/12/2007, -2/+19It's okay. As an American, I still love your country and the people in it. Hopefully I can make it back again in the next few years to visit.
People all over the world (yes, America too) really just need to cool it, stop hating, and start to respect each other a little more. Drawing these lines and saying that country x is crap and cursing them out is only going to hurt everyone in the future as the world gets smaller. - ThomS, on 10/12/2007, -1/+16@PantherX
http://en.wiktionary.org/wiki/nut
Noun: 4. (slang) The head.
I'm English for fooks sake! - webcrumb, on 10/12/2007, -5/+19"We tend to trust the countries that we have actually beaten in wars... UK"
The US has never actually beaten the UK in any war. The British Colonies defeated the British Army. ;)
Oh, and money wasn't the only loan. Technology has been the main export (e.g. the X-1 was originally a British engineering project). - eatasandwich, on 10/12/2007, -0/+14As an English person who has lived in America for the past 6 years I can honestly say that there's a large community of people in either country with completely bizarre views about the other. I never would have thought I would ever say this, but I think the English opinion of Americans is actually more distorted than American opinions of the English. Saying that, I've actually had an American tell me how things are in England, and then argued with me when I presented the facts as if he knew the place better than I did!
Also - I've seen worse teeth, and drunk warmer beer in America...and say what you like about British food - my mum's cooking still wins! - ThomS, on 10/12/2007, -4/+17English slang for a crazy person. "Nut" is slang for head, so nutjob or nutter refers to a headcase!
- drawkbox, on 10/12/2007, -4/+17It took America until the 60's to pay off WWII debt as well.
- wjw75, on 10/12/2007, -6/+18True, every board on the internet seems to attract stupid Brits who hate Americans, and stupid Americans who hate Brits. In reality, nobody I know dislikes America. They LIKE America. They go there on holiday, watch your TV programmes and movies, listen to your music. Sure, there's the occasional dumb joke about one or two stereotypes, but they're only jokes. People who prance and pose around saying they hate America are treated like the idiots they are. Good thing is there aren't many of them.
- tonage, on 10/12/2007, -4/+15- You're the first i've heard of on the internet.
Digg is filled with alot of anti-americanism. Too bad noone can stick to tech and leave their bias agendas out of things. - tonage, on 10/12/2007, -5/+16- Socialism/Communism will only truly work if all countries have the system.
Yea, that way the communists will not see how good life is living in freedom and being rewarded for you hard work by capitalism. - kimos, on 10/12/2007, -1/+11I have read similar things. Saying that if countries like China pulled all their money out of the US at once, American economy would take a massive hit... Don't quote me on that though.
Some google-ing
http://www.google.ca/search?q=china+us+bonds - Pimptastic, on 10/12/2007, -1/+10Now that the UK is out of Debt think I can borrow a 20?
This is actually some pretty intresting history. - phbradley, on 10/12/2007, -6/+14it made the front page, so it's obviously of interest to people around here. So why make a fuss -why not just let it be? It's more interesting than the fiftieth Wii story of the day
- rdoger6424, on 10/12/2007, -3/+11Tea-and-crumpetastic!
- helchose, on 10/12/2007, -0/+8I just visited London and surrounding areas for the first time as an adult. I can say I am totally enamored with many of the Brits I met (Londoners mostly), and I love the people, alas I must say, even moreso than many Americans I know. As an American I was received with mixed reactions, however. Some people took to me and I even had one tell me "I love ya Yanks, you're good people" and others seemed a bit more standoffish to us. We even had, I feel, deliberately bad service in a particular cafe near Earl's Court tube station. We waited over an hour to get our food served, and the people around us, locals, came and went and we still hadn't been served. One example of many.
I feel sadly that the political warmongering of our illustrious government is to blame for people's opinions of American citizens travelling abroad. I felt compelled to express my distaste for the state of the American government and make it known that I didn't vote for these idiots, just other people in my country were manipulated into doing so. That always seemed to break the ice and I would have a nice conversation after that. - H_o_p_s, on 10/12/2007, -0/+8Now to start on the £104bn from WWI.... =D
- nappingcracker, on 10/12/2007, -13/+21Watch it go! Bang, zoom!
http://costofwar.com/index.html - tonage, on 10/12/2007, -5/+12Geez, even debt being paid off from way back in WW2 gets the conspiracy nuts started. If you only knew how ignorant and bitter you sound.
- inactive, on 10/12/2007, -3/+10To be fair, if you go to wikipedia, you come up with 407k military deaths.
http://en.wikipedia.org/wiki/List_of_World_War_II_casualties_by_country - dongiaconia, on 10/12/2007, -7/+14"Interesting how we started out has the worst of enemies - now the UK is one of the few countries the US can completely trust." [/QUOTE]
We tend to trust the countries that we have actually beaten in wars... UK, Mexico, Germany, Japan... Not so much Vietnam or Korea, funny that. - inactive, on 10/12/2007, -3/+10LOL. Make check payable to China. Arr you base are berong to us.
- ByteGuerilla, on 10/12/2007, -0/+7@snorcup
*asterisk
And he did it to emphasise the term. If he were patronising it he would have used quotes.
The United States' military losses in WWII constituted 2% of the total Allied losses, as did the United Kingdom's.
Russian losses were 64% of the Allied military losses, not including the deaths of sixteen million Russian civilians. Chinese losses were 24% of the Allied losses.
In the end, neither of us bore the brunt of what could have been total disaster. - ByteGuerilla, on 10/12/2007, -0/+7At the moment, we Britons aren't too sure what to make of America, which is probably why you experienced such differing fronts. 7 years ago you wouldn't have had a problem.
Myself, I love your people... I just hate your country. Sorry. - ynggrsshppr, on 10/12/2007, -0/+6It is true, the USD should be weak since we're buying so much foreign goods, but on the other hand other countries just love the safety of our T-Bills.
- StevethePirate, on 10/12/2007, -4/+10You're the first i've heard of on the internet. In public, however, it's a different story.
- lbeaty1981, on 10/12/2007, -4/+10Wow, the UK announces it is last payment of WW2 debt to the USA? I had no idea!
FYI:
its = possessive
it's = it is -
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