What If No Oil Had Been Discovered In The North Sea?

[inksplotter]

When would have paid off our loan from the USA?

[Zacs-Master]

Our currency would probably be the Dollar.

[inksplotter]

Probably not, Zacs. It took at least 40 years to pay back the loan after WWII.

We might have joined the Euro though.

[Hypognosis]

It seemed like a mere heartbeat between Gordon Brown proudly announcing the end of the loan and the country being dragged into the sub-prime/CDO mire.

At the time, I misunderstood Brown's statement to mean "Britain is finally debt free". Given the billions of punlic borrowing backlash, which helped the coalition elected, this clearly was never the case.

Anyway, it was longer than 40 years to pay it off…
http://www.politics.co.uk/news/2006/12/29/britain-finally-pays-off-wwii-debt

[sandyRoe]

Is this a loan that came from WW11? Did the Americans give money to help rebuild their one-time enemies while lending us the money?
If so, that doesn't seem right.

[weecalf]

Where did America get the money ?

[Mosaic]

Sandy, in both world wars America was reluctant to become involved in what they regarded as a European struggle. In addition the large number of Americans of German origin made it as likely that if they joined it would be on the German side rather than any other. After the first war they were appalled by the desire to blame and punish Germany, but couldn't sway the peace treaty negotiations. After the second war they took the view that if Germany (and Britain) were not given aid then the damn Russkies would proffer it and all American hope of controlling Europe would fade.

[Mosaic]

Weecalf, America was riding an economic boom that had pulled them clear of the 1930s depression, and the manufacture of armaments boosted this.

[Hypognosis]

Smashing things down is good for the arms trade.
Building pulverised cities back up is good for the construction trades and shows up on the balance sheet as 'growth'.

At least that's what cynics might say - along with some speculation as to whether the industrialists lose any sleep over the human costs.