Status Updates From Mellon vs. Churchill: The U...

Only now, the author directly states that the US taxpayer was told that the Allies' debts to the US were commercial loans and would be repaid But the Wilson admin must have known all along that they WEREN'T commercial loans: they weren't backed by any assets AND weren't spent on capital projects to generate income to repay the loans with interest. Churchill states the truth: the loans were literally shot away!

Awesome book, but there is a huge hole in the narrative. The book starts AFTER the war. After the US gov't had loaned money to the Allies. So the US looks like a meany. After all, why not forgive the broke Allies' debts? I suspect the reason is that the US public was repeatedly assured that the money would be repaid. Meanwhile, the Wilson administration signaled the Allies that they WOULDN'T have to repay it.