After the Great War, Germany’s debts were not only those owed to the victors, but also those among the victors: Great Britain owed 842 million pounds to the United States, France 550 million to the United States and 508 million to Great Britain, Italy 325 million to the United States, 467 million to Great Britain, and 35 million to France. According to Keynes, the total debt among the allies amounted to 4 billion pounds. The United States was merely a creditor. For this reason, Keynes suggested canceling the debts and issuing international loans, in which the United States would have the lion’s share. He was not listened to: the United States demanded reparations, and so did the others toward Germany. This would poison international relations until the outbreak of the Second World War.
