Monday, September 03, 2007

Wars are always costly


The Last Thousand Days of the British Empire
Peter Clarke


Wars are always costly. Often they are waged with borrowed funds, as did the Great Britain, during World War II. Britain’s liabilities, at the end of 1944, totalled £3 billion (or $12 billion at the prevailing exchange rate), writes Peter Clarke in The Last Thousand Days of the British Empire ( http://www.penguin.com/ ). Of this amount, “much of the biggest item consisted of the ‘sterling balances’ that were owed to the Dominions and to India. Keynes projected that by the end of the Japanese war these balances themselves might total £3 billion — and no less than half of this sum was owed to India.”

No comments: