A great man once said, "Politics is inherently stupid." That great man was me.

Thursday, December 28, 2006

Britain Finally Pays Off WWII Loans

This Friday, Jim Flaherty should be getting a nice big cheque:

"LONDON (Reuters) - The government said it will on Friday pay back the final instalments of loans taken out at the end of World War Two to finance vital reconstruction. The payments of $83.25 million (42.4 million pounds) to the United States and $22.7 million to Canada will close the final chapter of the war and mean that in total the country has paid close to twice what it borrowed in 1945 and 1946.

"This week we finally honour in full our commitments to the U.S. and Canada for the support they gave us 60 years ago," Treasury minister Ed Balls said on Thursday.

"It was vital support which helped Britain defeat Nazi Germany and secure peace and prosperity in the post-war period. We honour our commitments to them now as they honoured their commitments to us all those years ago," he added.

Britain borrowed a total of $4.3 billion from the United States in 1945, followed in 1946 by a loan of $1.2 billion from Canada -- both at an interest rate of just two percent."

And as for the loans: Anytime, friends. Anytime. Freedom is priceless.

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