These United States joined in WWI NOT as Allies with England, Serbia and France, against Germany, but certainly not as an enemy of Turkey.
US banks, recently united via the Federal Reserve System, went to war in 1918 to ensure the money loaned to France and England would be paid back. Russia dropped out of that European alliance after its communist revolt. That raised the possibility of the Austro-Hungary-Prussia alliance winning and giving the losers an excuse for welshing. Here’s what happened.
February 9, 1920, British Embassy in Washington to Treasury: “We should welcome a general cancellation of intergovernmental war debts.” (Garrett 1932 148). British debt was 4.5 billion gold dollars. France owed the US $4 billion. The aggregate total Europe owed America in 1926 was $22.5 billion in gold, and nearly all European nations sought to welsh on the debt.
Then, in the fall of 1922, a nationalistic government headed by Dr. C.J.W. Cuno took command of Berlin. The Allies charged Germany with willful default on her reparations payments, and at the beginning of 1923 French and Belgian troops occupied the Valley of the Ruhr, attempted to take over industries, but were balked by German passive resistance.
The mark fell from 7000 to the dollar in the first days of January, 1923 to 4 trillion in November, over 570,000 times as worthless. German credit abroad was wrecked as individual rights also converged on worthlessness. (Nat’l Geog December 1928 667)
Calvin Coolidge conference September 16, 1924: I haven’t any plan or policy about the settlement of the French debt at present. That is all provided for by statute law and I suppose that the only representation I would be entitled to make about it is that which I am ordered to make by law. That [obtaining approval of Congress] was what was done with the British debt. It wasn’t settled exactly in conformity with the terms of the law. (…) What we have constantly kept in mind in that policy is that the debt that is due to us from one country hasn’t any direct connection with the debt that might be due to us from another country. That is why we have not mixed up the German indemnity in any way with our own debt. (Quint & Ferrell 1964 188-189)
Mar 31, 1927‑‑German Reichstag unanimously demands a downward revision of reparations payments. (NY World Almanac 1928 102). What follows is from Prohibition and the Crash.
President Hoover declared on June 20, 1931, what would later be styled the “Moratorium on Brains” by postponing all inter-governmental debts for a one-year “standstill agreement.” Since the United States was owed money by just about everyone involved in WWI, this meant a drying up of what revenue had been forthcoming, mainly interest at $250 million a year. Its real effect was to strengthen the debt repudiation movement, jeopardize private loans to Germany and even the loan principal owed the Treasury by the Allies.
Veterans stared in bewilderment and wondered how a government too broke to advance a couple of billion on their bonus bonds could casually toss away over $20 billion with a wave of the hand—and for the accursed Hun! The total amounts involved in all the major war debts ran into some $22 billion divided among five countries in 1925, and had changed little since then.
A much more pressing concern, however, were the private loans which Dr. Hjalmar Schacht had assured Americans would be repaid as soon as the Allies’ reparations monkey were lifted off Germany’s back. Hoover, determined at all hazards to convince voters that the world economic crises did not originate in America, had no choice but to again direct attention “over there.” If Schacht were right, at least the bulk of the money owed to American investors might actually arrive. Reversing this flow was important, since Europe had put the touch on Americans for over forty billion dollars in private loans in less than fifteen years. The moratorium did get people’s attention, but not in any way that would redound to Hoover’s credit. Latin-American politicians, impressed by the largesse with which El Presidente altruista dispensed other people’s monies, began sidling up for a moratorium on their arrearage. Already Hoover’s move was backfiring. There was something of a stock market rally in New York when the news hit, but U.S. government bonds all closed behind minus signs.
 (Hoover 1931 1976 325)
 (Time Capsule 1/12/25 105-6)
 (Hoover 1931 1976 331) (Garrett 1932 57, 67)
In today’s looter press the NATO parasitism situation is depicted as stingy selfishness on the part of the DemoGOP Congress that passes laws the President is required to enforce… exactly as when FDR was Prez. Europeans also whine that American voters do not buy their doomsday beliefs. US voters came out against the latest doublethink version of European National Socialism–a pogrom against electric generating capacity–and scientists specifically rejected all eugenic and pseudoscientific theories claiming industrial society causing global broiling, 31,000 to 18. As for nuclear energy, Econazi Germany is acutely aware that the atom bomb was developed to broil its socialist government. Germany managed to escape through surrender and suicide. Americans have no reason to fear nuclear power plants or weapons… except in the hands of socialists or religious fanatics.
The Repo Man