According to an editorial in the WSJ yesterday, principal and interest on a WWI-era loan that the US made to france is up to 11.5 billion according to the treasury department. Payments were suspended in the depression era due to a one-year free pass we gave them, and after that they never started repayments. I (along with the WSJ) say that if france wants to make iraq reconstruction tough for us by refusing to forgive tens of billions of dollars the former iraqi dictator owed them (for instruments of war), that we should demand immediate repayment of the 11.5 billion that france owes the united states.
France owes US 11.5 billion
- Thread starter Lucky
- Start date
seems fair, yet still a little revengeful.
Seems evertime something doesnt go our way, we throw fits and resort to french bashing.
Seems evertime something doesnt go our way, we throw fits and resort to french bashing.
Do you have any idea how much the USA owes France for the Revolutionary War?
Interest over 200 years really adds up. Must be some dumb-arse person who wrote the editorial to think so lopsided.
Interest over 200 years really adds up. Must be some dumb-arse person who wrote the editorial to think so lopsided.
No I don't, why dont you point us to the contract that shows we still owe for that. Preferably from the treasury department were the WSJ's figures came from.
Hayabusa Rider
Admin Emeritus & Elite Member
- Jan 26, 2000
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Actually I think at least partial forgiveness of debt is precisely what is needed, and we do not need to add more by our own action. There isnt enough oil in Iraq to pay back everything and have money left for reconstruction.
Gee, that sounds like a really timely editorial. We will pass without further comment why it took the WSJ 50+ years to ask for the money.
A more pressing question-more or less-is why they find it necessary to trash France at this juncture? Too few really pressing social issues to discuss? Like all the Wall Street mutual fund scandals? Sheezh.... I'd call them idiots but the Hypocrisy Mod would strike me dead.
-Robert
A more pressing question-more or less-is why they find it necessary to trash France at this juncture? Too few really pressing social issues to discuss? Like all the Wall Street mutual fund scandals? Sheezh.... I'd call them idiots but the Hypocrisy Mod would strike me dead.
-Robert
Uh what? You think that they are not doing enough in condemming these scandals? The WSJ has been the one to expose many of them.
The reason they brought it up now, I assume, is that not only did france refuse to contribute anything significant to the rebuilding, but they have now refused to wipe any of the debt, making it harder for the new government to operate.
Now that iraq intel has been seized, we will shortly see exactly what products france sold to iraq that they are demanding payment for.
The value is partly in it's history, not what it looks like. You can't "build another one".
And if the US called in $11.5bn debt, France would probably write it off against what Iraq owed them.
I looked at the Treasury Department site but couldn't find what I want. But, trust me, France -- as well as any other country with any money to invest -- is holding a bundle of our debt instruments. We owe them money too.
Those were gifts, not loans. Furthermore, those were gifts from the french KING, not from the current french government. we could no longer repay the original lender (if there was one).
oops, reread the editorial: 11.8 billion. And if that's what it takes for france to write down its iraqi debt, so be it. The editorial speculates that that is about twice what france is owed by iraq, so maybe france would be better off dropping their claims, eh?
Good question red.
Good question red.
From what I understand final terms by most countries have not been decided; but france and germany have been the two counties most adament about getting the bulk of their money back.
KaizerRose, which in German apparently means, never confused by the facts. The Statute of Liberty was a gift from the People of France to the People of the United states. There were various "bake sales" in France and America to raise funds for the statue and it's erection in America. I'm not into French history much, but the French kings were long gone by the time the statue was sent to America. (Dedicated in 1886).
You must be kidding. The WSJ spent 1996-2000 as head cheerleader. The OpEd page is the epitome of the "take everything but the light fixtures" ethos.
Why should France forgive Iraq's debt?
Why is Iraq's debt special?
What about the rest of third world debt?
Why are we picking on France? None of the other G7 countries, the USA included, has done much to forgive third world debt, apart from the failure that is the HIPC. If France cancels the Iraqi debt, will the US move to cancel the debt or Gambia, for example?
I'm talking about right now. I admit I did not read the WSJ as much 4 years ago as I do now, but they are extremely aggresive in their reporting now. You are aware that they won a pulitzer prize in 2003 for for explanatory reporting on the corporate scandals?
You must not read it as much as you think.
CADsortaGUY
Lifer
And people wonder why I am for the tax-cuts
All Washington does is piss away my money...just like you claim they would do with France's imaginary money.
CkG
not sure who has, but its all very amusing realy when you look at the issue of erasing debt third world countries owe, then the coin flips over
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