War Debt??? Can anyone tell me if the loser pays???
Iraq signed an armistance the first time, and was defeated the second time. In prior wars, loser pays if they surrender, and where there is a defeat, the new government of the country, set up by the Victors, also pays. Germany just finished paying its first world war debt. We never hear anything about the surrender terms and war debt repayment terms. Does anyone have more knowledge on this topic to shed some light on this?
The other side of things is that the US spent huge amounts on its own domestic war industries, which of course flows back into the economy. the latest toys are then marketed world wide to allies. Biggest problem is that the allies are all broke, and there is no super power to scare the allies into buying. You don't need an F 35 to fight a guy in a bed sheet and sandals carrying a rusty AK 47.
As for the world economy, it is a race to the bottom. The devaluation among the developed world to counter the balance of trade deficit with the developing world, and pay the national debts, means that our standard of living declines, while the debt we owe is degraded.
Thank god we live in Canada, and our economy is doing well and our debts are under control. We get to bargain shop the world and as long as we don't extend credit, we get the benefit of this mess.
Drewski
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