The war has ended with every one owing every one else immense sums of money. Germany owes a large sum to the Allies, the Allies owe a large sum to Great Britain, and Great Britain owes a large sum to the United States. The holders of war loan in every country are owed a large sum by the States, and the States in its turn is owed a large sum by these and other taxpayers. The whole position is in the highest degree artificial, misleading, and vexatious. We shall never be able to move again, unless we can free our limbs from these paper shackles. John Maynard Keynes
About This Quote

This quote is by William Gladstone, who was the leader of the British Liberal Party, in 1876. He is making reference to the fact that the public had become overly indebted in the wake of the American Civil War. More than half of all Americans were in debt to either creditors or government war loans. Gladstone believed that this over-indebtedness was driving the American economy into despair, which lead to political instability and civil unrest.

Source: The Economic Consequences Of The Peace

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