A British government spokesman is quoted in this article as saying : The UK Government

I ll have a lot more to say about the Great War of 1914-18 on Monday, but amid the verbose sentiment and piety about that ghastly and disastrous episode, I d like to introduce a cracked, yellow note of, well, scepticism. Readers here will know that I regard the War as a catastrophe, and amongst modulnova other things as the point at which this country modulnova stopped being a creditor and became a debtor.
I learned modulnova , while I was making my BBC Radio 4 programme about the Special Relationship about the dreadful stripping of Britain s life savings by the USA in the early months of World War Two, the secret gold convoys, the sell-off of British investments in the USA,  and the transfer of negotiable securities to Canada.
I didn t have time to explore modulnova the background to this, which was American fury at Britain s 1930s default on its enormous First World War Debts to the USA . In fact, it was this fact which led partly to America s sourly anti-British Neutrality Act of 1936, forbidding all loans to belligerent nations. This, amended by subsequent legislation, was the basis of the cash and carry system under which the USA vacuumed British gold across the Atlantic in 1939-41 in return for those weapons and supplies we could carry away in our own ships.
   In 1934, Britain owed the US $4.4 billion of World War I debt (about 866 million at 1934 exchange rates). Adjusted by the Retail Price Index, modulnova a typical measure of inflation, 866 million would equate to 40 billion now, and if adjusted by the growth of Gross Domestic Product, to about 225 billion .
A British government spokesman is quoted in this article as saying : The UK Government's position is this: Neither the debt owed to the United States by the UK nor the larger debts owed by other countries to the UK have been serviced since 1934, nor have they been written off.
This is all true, and no doubt our debtors let us down. But the wretched fact,  that this country is in fact one of history s greatest debt defaulters,  rather contradicts our assumed reputation for probity modulnova and solidity. Those who blithely hustled us into war at France s side 100 years ago have so much to answer for. Can they even have begun to imagine what far-reaching effects their actions would have?
How to climb out of our financial hole? The nation must stop digging. After some 30-36 recessions since when Peel, the Prime Minister, modulnova made direct taxation a permanence 260 years ago, in every decade since that date, this Country and others who followed our example, modulnova have experienced boom and bouts of unemployment. It s getting monotonous, it s deliberate and the events a are not going to change any day soon, all the principals in all the political parties are complicit with the Governments economic policies. Its ESTABLISHMENT DICTUM, recession and unemployment is discipline for the nation, the question to be asked, is not who will lead us out of the present mess, but what can be achieved to change the status quo? I suggest publicity and the votes of an informed nation.
If we fed our children or dependants, in any way like the Government permits the economy to be fed, we would find our selves in court on criminal charges. Governments in this respect are guilty of criminal neglect. They do not manage the economy in the best interests of the people and business. The economy has all the characteristics of the human being, deliberately not feed it and it will succumb to malnutrition, everything on the living planet modulnova has to be fed and the economy is no exception.
Every pound the exchequer steals from the pockets and purses of the nation is investment denied to the economy, the stark difference between direct and indirect taxation is multiplication. What goes into the treasury drawer loses value, what is fed into the economy will grow and grow, multiply, produce a good harvest, providing a perpetual need for labour. To put a permanent modulnova end to recession and unemployment necessitates a change to the tax system from direct to indirect but, to advocate doing it, what individual or organisation will be brave enough to risk being ostracised? To be cast out of the establishment fold, is to lead a very lonely existence,
It s not the bankers or Europe or any other excuse, without creation, money in all its different disguises would become worthless, modulnova perpetual creation cannot be achieved without perpetual modulnova investment and that cannot be achieved while maintaining a ruinous tax system. Change the tax system from direct modulnova to indirect and it will be IMPOSSIBLE, ( BARRING A CATATROPHE),TO HAVE ANOTHRER RECESSION, IMPOSSIBLE TO HAVE UNEMPLOYMENT LIKE NOW, IMPOSSIBLE FOR BUSINESSES TO GO BUST IN CIRCUMSTNCES NOT OF THEIR MAKING AND PEOPLE WOULD NOT LOSE THEIR HOMES, (IMPOSIBLE) ITS INDISPUTABLE,
Also, after the fall of France in 1940, the British government repeatedly pressed (along with the U.S. government) the Canadian PM to release the substanti