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Old 3rd Apr 2020, 18:38
  #32 (permalink)  
Torquetalk
 
Join Date: Jan 2006
Location: EU
Posts: 396
Originally Posted by Islandlad View Post
What?
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The Marshall Plan (officially the European Recovery Program, ERP) was an American initiative passed in 1948 for foreign aid to Western Europe. The United States transferred over $12 billion (equivalent to over $128 billion as of 2020) in economic recovery programs to Western European economies after the end of World War II.

A quick trip to Wiki land gives you that.

How do you manage to get hold of the wrong end of every stick?

Continue with your defence of China. As the news of a 'new' outbreak finally hits the mainstream news stands any ideas of a 'fast' recovery diminishes as the world fails to lock down China.

Back on topic. The US economy is market driven and will be in no fit state to lead the world out of this mess.
Bit touchy there islandlad, aren’t we?

All I was alluding to, was that your potted history of the Great Depression and recovery seemed a bit thin without the Marshall Plan. But if you’re really going to make a song and dance of it, your overall summary seems a bit like the cart pushing the horse.

The war did not provide the recovery driver from The Depression as you say. WW2 didn’t happen for the better part of a decade after the Depression and US was well on the road to recovery by then, significantly driven by the Keynesian programmes such as The New Deal. The war may have subsequently led to a massive production rise, but at the cost of disruption to the existing economy. Only state assurance through government contracts to underwrite production made this possible. That involved eyewatering borrowing commitments, which in themselves threaten to stifle growth, not promote it. The genius of The Marshall Plan was to lend money to Europe to rebuild the economies there, and thereby create the markets which the US was then able to export to and trade with. A post-war depression was thereby avoided. The economic growth that followed allowed all of the countries involved to make their debt repayments, which were spread over the better part of a century.

At no point have I defended China. What I have done is to object to pointless China bashing and propaganda by Murdoch “news” media outlets, because it is tedious chain yanking.

Maybe look at that stick again carefully and ask which end you are holding.

Last edited by Torquetalk; 3rd Apr 2020 at 18:53.
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