[Marxism] Flags of Our Fathers

[dwalters at marxists.org]

The US ruling class was not in debt, the US gov't was. It was in debt since 1936
at the height of the New Deal, toward the end of the NRA (National Recovery
Act). The gold reserves Rod mentions were not the US gold reserves but those of
other countries, reserves that were steadily leaking back toward colonial oil
companies in the Middle-east. At any rate, there was no way the US could use
these reserves for even collateral, let alone cash, to pay for the war. It
would of been politically impossible. In fact the debt was held by US banks and
they had simply stopped lending to the US by the winter of 1944/45.

The post war recession (1946) was the direct result of the payments made by the
US gov't toward the banks (not to mention the retooling of the US factories
toward consumption and exports).

David



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