All posts by haleyb

NATO and U.S. Debt

Screen Shot 2018-08-16 at 12.46.04 PMU.S. President Donald Trump insists that German Chancellor Angela Merkel “deposit money” and bear more of the costs of the NATO alliance.

 

The North Atlantic Treaty Organization (North Atlantic Treaty Organization), or North Atlantic Alliance, is an intergovernmental military alliance between 28 North American and European countries that was formed in 1949 in response to World War II. According to the NATO website, the alliance has goals of deterring Soviet expansionism; forbidding the revival of nationalist militarism in Europe through a strong North American presence on the continent; and encouraging European political integration (North Atlantic Treaty Organization). For NATO to work, members must make sure their armed forces are financially stable. To do that, NATO partners agreed on an official budgetary goal or standard that determines how much each country should contribute. That standard was, and still is, 2% of each country’s gross domestic product or GDP (Kottasova). Presently, however, the United States and its NATO allies are debating whether all members are shouldering their fair share of the cost burden.

Historically, the United States has provided the biggest share of military power to NATO. Over the decades, debates over whether or not this arrangement is fair have ebbed and flowed. For example, in a 2011 editorial in the New York Times, entitled “Talking Truth to NATO,” former Defense Secretary Robert Gates implied that the United States can no longer “afford to do a disproportionate share of NATO’s fighting and pay a disproportionate share of its bills, while Europe slashes its defense budgets, and free-rides on the collective security benefits” (Talking Truth To NATO). Donald Trump, the current United States President, is particularly concerned about this issue. Since his election, Trump has repeatedly and publicly complained that NATO allies are not paying their fair share financially. He contends that they are “free riders,” reaping the benefits of peace and security provided by the United States military (The Hill).

NATO was formed to protect the North Atlantic Alliance from military attacks from other countries. In order to be a part of NATO, countries must meet certain requirements. The (candidate) members must first have a secure and stable democratic system of government. Additionally, they must have good relationships with their neighbors and show a commitment to the rule of law and to human rights. Finally, the (candidate) members must contribute their military to the collective defense, and the country has to bring their budgetary legislation in line with NATO’s standards (Tomuic).

Illustrated by Dana Summers, the contemporary cartoon featured in this blog post first appeared on the US News website as their daily cartoon on May 31, 2017. The cartoon depicts Donald Trump confronting German Chancellor Angela Merkel in Brussels to discuss NATO and the amount of money Germany is (or is not) contributing to NATO. The cartoon represents the meeting Donald Trump had with NATO allies to discuss each country’s total contribution to the collective defense (Applebaum). That meeting occurred on May 25 in Brussels and focused on the “new security environment, including the Alliance’s role in the fight against terrorism, and the importance of increased defense spending and fairer burden-sharing” (Kottasova). Therefore, the cartoon illustrated by Dana Summers, came from the meeting Trump had with the allied countries regarding NATO and the expenses the U.S. has already paid.

In a New York Timesarticle, entitled “Trump Says NATO Allies Don’t Pay Their Share. Is That True?”, which was published a day after the meeting in Brussels, President Trump complained that “NATO members must finally contribute their fair share and meet their financial obligations, for 23 of the 28 member nations are still not paying what they should be paying and what they’re supposed to be paying for their defense” (Baker). The quote reflects Trump’s frustration with NATO partners who, in his perspective, have not held up their end of the deal. He believes the United States has been loyal to the financial agreement it made as a NATO member. In return, he believes the other NATO allies should be contributing more of their GDP to NATO.

Summers’ cartoon depicts Trump’s demand that other countries pay more as part of their commitment to NATO. In the cartoon, Trump looks frustrated, as though he has been waiting for the money he believes he is owed. In the illustration, the hat on the ground serves as if it is a collection plate, into which Angela Merkel is expected to “deposit money” for NATO. In this political cartoon, Merkel also symbolizes other European allies with whom Trump is frustrated. Merkel’s facial expression in the cartoon appears as though she too is upset—with the fact that President Trump is asking for money and because she does not think Germany and other European allies owe that money to NATO. In short, Summer’s cartoon captures the mutual dissatisfaction and consternation among allies over matters of fairness and free-riding.

Because NATO does not have legislative power, its members cannot be punished for not putting in as much money as the United States. However, as Summers’ political cartoon illustrates, Trump expects them to keep their word and pay more, in case one of the European allied countries goes to war or needs protection. Basically, having an alliance with these countries means believing that they will do what they agree to do. In Trump’s view, the other countries are not fully living up to their agreements vis-a-vis NATO. That is, they are not making financial contributions reflective of their GDPs. Trump is frustrated and feels that the United States cannot trust its NATO allies. This defeats the purpose of an alliance. Of the 28 countries that belong to NATO, the United States pays the most according to our country’s GDP, along with providing the most protection (Kottasova). Other NATO countries should accept the same degree of responsibility and loyalty that the United States has displayed.

President Trump feels as though the financial responsibility for NATO has not been reciprocated by other member countries. This “free rider” problem was further aggravated by the 2008 Great Recession, which significantly added to the United States’ debt. By the end of 2017, the United States’ national debt totaled approximately $19.84 trillion. To put this in perspective, this is equal to each citizen of the United States having to pay $60,890 to cover the national debt (Patton). Debt correlates to stress and worry. It is not something most Americans want to deal with in their personal lives, so it is no mystery that debt causes concern in many people regarding our country and its future (Foster).

The United States government operates on an annual budget each year. The budget provides a guide that helps determine where and how to spend the money generated through taxes. If the government only spends as much as it makes, then the United States stays on budget. When the government spends more than it takes in through taxes, it is forced to borrow money either from domestic and foreign investors or from other governments. The result is a budget deficit and indebtedness to other groups. The total national debt equals the sum of all budget deficits over the years, and for most of the last 60 years, the United States federal government has had an issue with spending more than it takes in, causing a massive national debt (Patton).

AnotherNew York Times article,“As Debt Fear Fades, Risks Remain,” warns Americans not to get too comfortable with the growing amount of national debt (Applebaum). One of the downsides of debt is that interest has to be paid for the amount of money that is borrowed. Interest is the money charged for borrowing a sum over an amount of time and is essentially a fee that must continue to be paid every year until the amount of money borrowed is completely paid off (“Interest”). Theaforementioned article estimates that the United States could be paying a total of $6 trillion in interest over the next decade. This $6 trillion is in addition to what was previously borrowed, and will only continue to grow until the loans are paid off (Applebaum).

National debt is not a new problem. It is as old as the United States itself. Concern about the prospect of American insolvency has been going on for years. The United States is not the only country that struggles with national debt. Many countries have national debt, especially after the worldwide financial meltdown of 2008 and protracted Great Recession.

The United States also experienced significant war debt after World War I. At that time, Great Britain and France owed the United States money that had been borrowed and loaned between the Allies during WWI (Potter). In 1931, a Dallas Morning News cartoonist named John Knott published a comic referring to that debt. Knott’s cartoon, “Better Than Nothing,” shows Uncle Sam, who represents the United States, standing off the coast of the Gulf of Mexico asking Great Britain and France to make good on the war debts they owed but were unable to repay. The representations of these countries look quite unfazed as they share a smoke together. The Knott cartoon is an example of how concern over debt in the United States has been a pattern in the context of the United States’ relationships with its allies. Similarly, debt is aggravating Trump’s concern over insufficient funding by NATO allies. Since the United States currently has significant debt, that increases the need for other NATO members to contribute their fair shares financially. For them not to pay their fair shares would be a continuance of allies not matching what the United States is contributing financially.

Both Knott’s and Summers’ political cartoons show representations of the United States insisting that its European allies either pay back debt from or pay more money to the costs of collective defense. These cartoons focus attention on the fact that other countries enjoy security provided by the United States, arguably without paying a sufficient amount to cover the costs of that security. Both cartoons suggest that the United States should be more fairly compensated for the significant contributions that it brings to allied defense.

Both historically and currently under Republican leadership, military and defense spending has been a high priority in America. This priority has continued under President Trump, increasing the financial pressure on the United States and making NATO contributions even more important. Chancellor Merkel may feel that her country’s spending for NATO is enough due to its non-monetary contributions (e.g., providing in-country military bases) and based on what she believes is important for German national priorities. However, President Trump feels that the United States is owed more money from Germany, and from other NATO allies, because of the expensive security umbrella that the US provides and that covers other countries in the North Atlantic Alliance. He insists that NATO allies are not paying their fair share financially and that the United States should be more fairly compensated for the significant contributions America makes to NATO.

 

 

 

 

References

 

Appelbaum, Binyamin. “As Debt Fear Fades, Risks Remain.” New York Times, 5 Oct. 2017, p. B1(L). Opposing Viewpoints In Context, http://link.galegroup.com/apps/doc/A508069774/OVIC?u=txshracd2598&sid=OVIC&xid=2818e965.

 

Baker, Peter. “Trump Says NATO Allies Don’t Pay Their Share. Is That True?” New York Times, 26 May 2017, www.nytimes.com/2017/05/26/world/europe/nato-trump-spending.html.

 

Foster, Michael. “Federal Debt Is Reaching $20 Trillion and That’s Not A Bad Thing.” Forbes, 27 Dec. 1931, p. 1, www.forbes.com/sites/michaelfoster/2017/11/08/federal-debt-is-reaching-20-trillion-and-i-dont-care/#6e68494832ba.

 

”Interest.” Investopedia, www.investopedia.com/terms/i/interest.asp.

 

Kottasova, Ivana. “How NATO Is Funded and Who Pays What.” CNN, 20 Mar. 2017, money.cnn.com/2017/03/20/news/nato-funding-explained/index.html.

 

“North Atlantic Treaty Organization.” NATO Otan, www.nato.int/cps/ie/natohq/declassified_139339.htm

 

Patton, Mike. “National Debt Tops $18 Trillion: Guess How Much You Owe?” Forbes, 24 Apr. 2015,

https://www.forbes.com/sites/mikepatton/2015/…/national-debt-tops-18-trillion…/2.

 

Potter, Edmund D. “World War I debts.” The 1930s in America, edited by Thomas Tandy Lewis, Salem, 2011. Salem Online.

 

“Talking Truth To NATO.” New York Times, 10 June 2011, www.nytimes.com/2011/06/11/opinion/11sat1.html.

 

Tomuic, Eugen. “NATO: What Does It Take To Join?” RadioFree Europe, 7 Mar. 2002, www.rferl.org/a/1099020.html.

 

“Trump confronts NATO’s free riders.” Chicago tribune, 17 Feb. 2015, www.chicagotribune.com/news/opinion/editorials/ct-nato-trump-russia-edit-20170217-story.html#.

 

 

Better Than Nothing…

 

John KnottUncle Sam asks his allies, France and Great Britain, to repay the United States for helping them
in World War I.

From the 1920’s to late 1930’s, the years following World War I, several European nations were indebted to the United States. This was due to the fact that the United States helped in many parts of the war and was not paid back. In World War I, the United States joined forces with Great Britain, Belgium, Russia and France to form the Allies, who worked together to defeat the Central Powers of Germany, Austria, Hungary, Bulgaria and Turkey. The allies were ultimately able to win the war and force Germany to sign the Treaty of Versailles. This Treaty contained a “war guilt clause.” By signing this clause, Germany accepted responsibility for all of the loss and damage that the war caused and agreed to pay thirty two billion dollars in war reparations (Potter).

War reparations are when a country makes amends for a transgression they have committed by paying money to the countries they wronged (Moulton and Pasvolsky). However, the years following the end of World War I were difficult for the economies of Great Britain, France and Germany not only due to the devastation, but also the expenses that came with war, such as transportation, weapons, repairs, and so forth. (“World War I Fast Facts”). Thus, the end of the WWI came with massive war reparations and war debts, which were not small sums. War debts refer to the money a country owes to another country for the resources that were borrowed to fight the war. To put it into context, even in 2014, Great Britain was still making plans to pay back what they borrowed from the United States (“First World War Debt to Be Paid off at Last”).

With their massive war reparation debts, from Germany, who had just signed the Treaty of Versailles on June 28,1919, with allied nations -Britain, France, Italy and Russia- to formally end the war, Germany struggled to pay back what was determined to be owed to Great Britain and France, according to the Treaty of Versailles. In turn, this made it quite challenging for Great Britain and France to acquire the money they needed in order to fully repay the United States (Moulton and Pasvolsky).

The political cartoon by John Knott titled, “Better Than Nothing,” published on December 30, 1931, in the Dallas Morning News, depicts the United States asking to be repaid by its allies for their help in the war. The cartoon shows Uncle Sam, who represents the United States, standing off the coast of the Gulf of Mexico and asking Great Britain and France to pay the war debts they owe. Since France and Great Britain were unable to pay their war debts, Uncle Sam points to the land that is near him—the large colonial possessions of Great Britain and France in the West Indies, Guiana and Central America—and says, “I might take some real estate on account.” Meanwhile,

Great Britain and France stare back across the Atlantic Ocean, looking quite unfazed as they share a smoke together. Knott’s illustration makes the point that if Great Britain and France could not pay the money back, then the United States did not want to go home empty-handed and would instead accept the two European powers’ colonial territories in the Americas as repayment.

The title of Knott’s cartoon, “Better Than Nothing,” coincides with an editorial that was published in the same Dallas Morning News issue. Written during the Great Depression, the editorial titled, “Reparations and War Debts,” announces that the United States Congress voted not to reduce or cancel the war debts. That meant that Great Britain and France were expected to pay back every cent of what they owed the United States. The article also explains that Great Britain and France had their hands tied because they needed Germany to pay them reparations before they could even afford to repay the United States.The editor equated this situation to Great Britain and France essentially being “bankrupt” and stuck. Something was going to have to give, or an alternative deal was going to have to be made, in order to move forward.

Senator Arthur Capper, a U.S. Representative of the state of Kansas who had a prominent hand in the ruling that no cancelations or reductions be made to the war debts, was quoted in an article in The New York Times as saying, “Uncle Sam has played Santa Claus long enough.” Senator Capper was worried that the amount of money the United States loaned to these Great Britain and France was beginning to become “too much of a load.” At that point, not only had America paid for most of the war itself, but also for the reconstruction that followed the war (“Capper Opposes Debt Revision; ‘Uncle Sam Santa Long Enough’”).

Another editorial that was featured alongside John Knott’s cartoon in the Dallas Morning News was entitled, “Buy Them Out.” In the piece, the editor explained how congressman Louis Thomas McFadden, a Republican member of the United States House of Representatives from Pennsylvania, suggested an alternative deal that would help Great Britain and France repay the war debts they owed the United States. Instead of forcing Great Britain and France to pay billions of dollars—that they did not have—McFadden proposed offering the countries a buyout deal where they would give up their colonial territories south of the United States as repayment of their debt. The article further explained that if such an agreement were to be made, “Holland only would be left of European powers having control over United States territory south of Canada, excepting the Falkland Islands in South America.” Though this deal was fair in economic terms, it was most likely not an agreement that Great Britain and France would accept.

The message in John Knott’s cartoon was that it was only fair for the United States to walk away with at least some sort of repayment for the debt that Great Britain and France owed, even if it was not in the form of cold hard cash. In the cartoon, Knott does not portray Great Britain and France as two men who are struggling financially and can barely get by. Rather, Great Britain is drawn with a belly, portraying the state of being well-fed, and both Britain and France are smoking, an act of luxury. This kept the audience from empathizing with Britain and France and helped to show the fairness of expecting the two countries to find a way to repay what they owed the U.S. in some form or fashion.

When the United States Congress voted not to cancel or reduce the war debts owed by France and Great Britain, this demonstrated that the United States was demanding repayment no matter what. The question was not if, but how the United States was going to be repaid by the two countries. John Knott illustrated a potential answer to this question through his cartoon.

Works Cited
“Buy them out.” Dallas Morning News, December 30, 1931. Editorial.
http://infoweb.newsbank.com/iw-search/we/HistArchive/?p_product=EANX&p_theme=ahnp&p_nbid=L56R4DMHMTUyNjMyNTM5NS4yODU2MDk6MToxMzoxMjguNjIuNzAuMTE5&p_docref=v2:0F99DDB671832188@EANX-104D2247C6907F01@2426706-104D22487677A470@12-104D224B65AA3163@Buy%20Them%20Out .

“Capper Opposes Debt Revision; ‘Uncle Sam Santa Long enough’.” New York Times (1923-Current file), Dec 27, 1931, pp. 1. ProQuest, http://ezproxy.lib.utexas.edu/login?url=https://search.proquest.com/docview/99200163?accountid=7118.

“First World War Debt to Be Paid off at Last.” Evening Standard, 03 Dec. 2014, p. 45. EBSCOhost, ezproxy.lib.utexas.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=nfh&AN=99762662&site=ehost-live.

Knott, John. “Better Than Nothing.” Dallas Morning News, 30 Dec. 1931. Editorial.
http://infoweb.newsbank.com/iw-search/we/HistArchive/?p_product=EANX&p_theme=ahnp&p_nbid=P5FT56BQMTUyNjMyODM4Ny4yNjg1MTU6MToxMjoxNDYuNi4xMTkuOTc&p_docref=v2:0F99DDB671832188@EANX-104D2247C6907F01@2426706-104D22487677A470@12.

Moulton, Harold G., and Leo Pasvolsky. World war debt settlements. The Macmillan company, 1926.

Potter, Edmund D. “World War I debts,” The 1930s in America, edited by Thomas Tandy Lewis, Salem, 2011. Salem Online.
http://te7fv6dm8k.search.serialssolutions.com/?ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.title=The+Thirties+in+America&rft.au=Potter%2C+Edmund&rft.atitle=World+War+I+debts&rft.date=2011-01-01&rft.volume=3&rft.spage=1035&rft.epage=1036&rft.externalDocID=1916300673&paramdict=en-US.

“Reparations and War Debts.” Dallas Morning News, December 30, 1931. Editorial.
http://infoweb.newsbank.com/iw-search/we/HistArchive/?p_product=EANX&p_theme=ahnp&p_nbid=P5FT56BQMTUyNjMyODM4Ny4yNjg1MTU6MToxMjoxNDYuNi4xMTkuOTc&p_docref=v2:0F99DDB671832188@EANX-104D2247C6907F01@2426706-104D22487677A470@12.

Better Than Nothing..

John KnottUnlce Sam asks his allies France and Great Britain to repay the United States for helping them in World War I.

In the 1920’s to late 1930’s, the years following World War I, several European nations were indebted to the Unites States, causing prominent issues. In World War I, the United States joined forces with Great Britain, Belgium, Russia and France to form the Allies and work to defeat the Central Powers made up of Germany, Austria, Hungary, Bulgaria and Turkey. The Allies were ultimately able to win the war and force Germany to sign the Treaty of Versailles, which contained a war guilt clause. By signing this clause; Germany was accepting responsibility for all of the loss and damage that the war caused and agreeing to pay thirty two billion dollars in war reparations (Potter). War reparations are when a country makes amends for a transgression they have committed by paying money to the countries they wronged (Moulton and Pasvolsky). However, the years following the end of the war were difficult for the economies of Great Britain, France and Germany not only due to the devastation, but also the expenses that come with war, such as transportation, weapons, repairs etc. (“World War I Fast Facts”). Thus, the end of the war came with massive war reparations and war debts. These were no small sums; to put it into context, even in 2014 Great Britain was still making plans to pay back what they borrowed from the United States. (“First World War Debt to Be Paid off at Last”).

War debts refer to the money a country owes to another country for the resources that were borrowed to fight the war. After World War I, the United States asked for war reparations from Germany, as decided in the Treaty of Versailles, and for Great Britain and France to repay war debts. Considering much of the war took place on European soil, Germany, Great Britain, and France suffered a lot of destruction to their cities. This made it quite challenging for them to acquire the money they needed in order to fully repay the United States (Moulton and Pasvolsky).

The political cartoon by John Knott titled, “Better Than Nothing” published on December 30, 1931, in the Dallas Morning News, illustrates the United States asking to be repaid by their allies for help in the war. In the cartoon, it shows Uncle Sam representing the United States off the Coast of the Gulf of Mexico, asking Great Britain and France to pay the war debts they owe. Since France and Great Britain were unable to pay the war debts, you see Uncle Sam pointing to the land that is near him—the large colonial possessions of Great Britain and France in the West Indies, Guiana and Central America—while saying “I might take some real estate on account.” If Great Britain and France could not pay the money back, the United States did not want to go home empty-handed. While Uncle Sam is asking for the land, France and Great Britain are across the Atlantic Ocean looking quite unfazed as they are sharing a smoke together.

The title of Knott’s cartoon, “Better Than Nothing” coincides with an editorial that was published in the same Dallas Morning News issue; the editorial titled, “Reparations and War Debts,” announces that United States congress voted not to reduce or cancel the war debts. That meant that Great Britain and France were expected to pay back every cent of what they owed to the United States. The article also explains that Great Britain and France had their hands tied because they needed Germany to pay them reparations before they could even afford to repay the United States.The editor equated this situation to Great Britain and France essentially being “bankrupt” and stuck. Something was going to have to give or an alternative deal was going to have to be made in order to move forward.

Senator Capper, who was one of the Senators who had a hand in the ruling that no cancelations or reductions be made to the war debts, was quoted in an article in The New York Times as saying, “Uncle Sam has played Santa Claus long enough.” Senator Capper was worried that the amount of money the United States loaned to these countries was beginning to become “too much of a load.” At that point, not only had America paid for most of the war itself, but also the reconstruction that followed the war (“Capper Opposes Debt Revision; ‘Uncle Sam Santa Long Enough’”).

Another editorial that was featured alongside John Knott’s cartoon in the Dallas Morning News was entitled “Buy Them Out.” In the article, the editor explained how Representative McFadden of the United States Congress suggested an alternative deal that would help Great Britain and France repay the war debts they owed to the United States. Instead of forcing Great Britain and France to pay billions of dollars—that they did not have—McFadden proposed offering the countries a buyout deal where they would give up their colonial territories south of the United States as repayment of their debt. The article goes on to explain that if such an agreement were to be made, “Holland only would be left of European powers having control over United States territory south of Canada, excepting the Falkland Islands in South America.” Though this deal was fair in economic terms, it was most likely not going to be something on which Great Britain and France were eager to sign off.

The message Knott is getting across with his cartoon is that it is only fair for the United States to walk away with at least some sort of repayment for the debt that Great Britain and France owe, even if it is not in the form of cold hard cash. In the cartoon, Knott does not portray Great Britain and France as two men who are struggling and can barely get by; rather, Great Britain is drawn with a belly, portraying the state of being well-fed, and both Britain and France are smoking, which can be considered an act of luxury. This keeps the audience from empathizing with Britain and France and helps to show them that it is fair to expect the two countries to find a way to repay what they owe in some form or fashion.

When the United States Congress voted not to cancel or reduce the war debts owed by France and Great Britain, this demonstrated that the United States were demanding to be repaid no matter what. The question was not if, but how the United States was going to get repaid by these countries. John Knott illustrated a potential answer to this question through his cartoon. Works Cited
“Buy them out.” Dallas Morning News, December 30, 1931. Editorial.
http://infoweb.newsbank.com/iw-search/we/HistArchive/?p_product=EANX&p_theme=ahnp&p_nbid=L56R4DMHMTUyNjMyNTM5NS4yODU2MDk6MToxMzoxMjguNjIuNzAuMTE5&p_docref=v2:0F99DDB671832188@EANX-104D2247C6907F01@2426706-104D22487677A470@12-104D224B65AA3163@Buy%20Them%20Out .

“Capper Opposes Debt Revision; ‘Uncle Sam Santa Long enough’.” New York Times (1923-Current file), Dec 27, 1931, pp. 1. ProQuest, http://ezproxy.lib.utexas.edu/login?url=https://search.proquest.com/docview/99200163?accountid=7118.

“First World War Debt to Be Paid off at Last.” Evening Standard, 03 Dec. 2014, p. 45. EBSCOhost, ezproxy.lib.utexas.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=nfh&AN=99762662&site=ehost-live.

Knott, John. “Better Than Nothing.” Dallas Morning News, 30 Dec. 1931. Editorial.
http://infoweb.newsbank.com/iw-search/we/HistArchive/?p_product=EANX&p_theme=ahnp&p_nbid=P5FT56BQMTUyNjMyODM4Ny4yNjg1MTU6MToxMjoxNDYuNi4xMTkuOTc&p_docref=v2:0F99DDB671832188@EANX-104D2247C6907F01@2426706-104D22487677A470@12.

Moulton, Harold G., and Leo Pasvolsky. World war debt settlements. The Macmillan company, 1926.

Potter, Edmund D. “World War I debts,” The 1930s in America, edited by Thomas Tandy Lewis, Salem, 2011. Salem Online.
http://te7fv6dm8k.search.serialssolutions.com/?ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.title=The+Thirties+in+America&rft.au=Potter%2C+Edmund&rft.atitle=World+War+I+debts&rft.date=2011-01-01&rft.volume=3&rft.spage=1035&rft.epage=1036&rft.externalDocID=1916300673&paramdict=en-US.

“Reparations and War Debts.” Dallas Morning News, December 30, 1931. Editorial.
http://infoweb.newsbank.com/iw-search/we/HistArchive/?p_product=EANX&p_theme=ahnp&p_nbid=P5FT56BQMTUyNjMyODM4Ny4yNjg1MTU6MToxMjoxNDYuNi4xMTkuOTc&p_docref=v2:0F99DDB671832188@EANX-104D2247C6907F01@2426706-104D22487677A470@12.