David Frum

@davidfrum ↗

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Last Checked Dec. 15, 2021

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Fri Jun 04 18:55:03 +0000 2021

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David Frum @davidfrum

The war had left every other industrial society crushed by debts: Britain owed war debts to the US France and Italy owed war debts to Britain. Germany owed reparations to France and Belgium. (Soviet Russia of course had already defaulted on all its debts.) 9/x — PolitiTweet.org

Posted June 4, 2021 Hibernated

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David Frum @davidfrum

Wages and prices deflated, the Federal Reserve cut interest rates in 1921. The economy revived - or rather, the US economy did. Without thinking very much about it, US authorities had triggered a *global* economic crisis. And that didn't end in 1921. 8/x — PolitiTweet.org

Posted June 4, 2021 Hibernated

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David Frum @davidfrum

The only way to meet those debts was by exporting to the strongest consumer market, the United States. And in 1921 and 1923, the newly elected Republicans imposed tariffs to prevent those exports. 10/x — PolitiTweet.org

Posted June 4, 2021 Hibernated