The massive casualties of nearly 1.5 million people in the Battle of Paris took the world by surprise. It's terrifying that this huge number scares other countries that have the heart to fish in troubled waters.

However, although the vast majority of countries have vowed not to join this bloody war, there are still countries that are overjoyed.

Among them, the most important and the most influential in the war situation is the United States.

As the world's largest industrial country, the United States, with the protection of two oceans, is often called the chosen country.

The abundant grain and mineral resources and the superior external environment have created a unique industrial foundation in the United States.

The United States has always had a unique attraction for Europeans, especially the poor. The United States brought abundant human resources and accelerated the pace of industrialization in the United States.

In particular, the outbreak of World War I caused a large number of wealthy people to flee to the Americas, which were far away from the war.

And the rich and industrialized United States has become the preferred target of the rich.

These wealthy Europeans, who fled to the Americas, brought a lot of money and technology to the United States. In the case of the New York stock market, which was shut down for four months after the outbreak of war in response to panic among the population, the stock market was closed. It was only after seeing the war grow bigger and more tragic that the Americans slowly realized that the war allowed the United States to provide ammunition, raw materials and other goods to both warring parties, which would lead to a huge increase in public interest in stocks.

Sure enough, after the stock market opened, the stock index skyrocketed, up as much as 5%, and then the stock index went all the way up. By October, the New York index was up 120% from the close, and it was in good shape. The reason why the United States is in a better state than it is in history is that the Allies are attacking more violently, and the European Entente has suffered more losses than in history.

As far as Britain, the mainstay of the Entente, is concerned, the Royal Navy, which is the foundation of the country, suffered two consecutive defeats in the North Sea and the Mediterranean, and the losses were not small.

Not to mention the land battles, except for Austria-Hungary to a little boasting, Germany and Italy were very vigorous, and the French mainland was occupied with a large territory. If it weren't for the crushing victory in the Battle of Paris, the Allies would have lost the year, and the United States would have been worried about the money it had lent.

True, before the outbreak of the war, Britain and France held $3.7 billion in US debt and were US creditors.

More than a year after the war, the United States has not only paid off its debts, but also owed the United States $2.3 billion in debt. Among them, the most owed is France, which has suffered the worst losses, with a total of $1.4 billion. And Britain is much better, owing only 700 million dollars, and another 200 million is borrowed by Russia.

Compared to the Entente camp, the Alliance camp is much worse. Since the start of the war, all of them add up to not even $100 million.

The main thing is that the Atlantic sea is basically British and French ships. The German navy is trapped in the North Sea, Italy is in the Mediterranean, and neither of Germany nor Italy has the ability to open the Atlantic, so even if Rose wants to trade with the alliance camp, it will be quite difficult.

Of course, compared with Britain and France, which have accumulated a century-old wealth, the alliance camp has much more money to earn. This is nothing more than that the American factory owners are much happier to put away the pound and franc.

However, it is not good to collect more pounds and francs, because on the one hand they are depreciating, and on the other hand, they are difficult to exchange for gold. As a gold-standard society, the difficulty of exchanging money for gold is a huge social problem. This will lead to a significant depreciation of the currency, and it will also make people reluctant to take it.

Of course, the best way to do this was to borrow money, so after the victory in the Battle of Paris, a wave of proposals for the issuance of Treasury bonds was sent to Washington.

At this time, the issuance of British and French debt in New York required the approval of the US government, and a series of previous defeats made British and French debt unsold in New York, even if the interest rate was raised. After all, although the people want the high interest, they are still afraid of losing the principal.

Taking advantage of the victory in Paris, Britain and France went all out to publicize this victory, calling it a turning point in the war. It is believed that after the victory of the British and French in Paris, they obtained the code to deal with the Germans. In this way, the Germans could be driven out of France in one battle after another, and then the Anglo-French army could invade Germany, cross the Rhine and push all the way to Berlin.

Of course, this is the worst-case scenario in which the Germans will not surrender, and if all goes well, they will have crossed the Rhine, and Germany will declare its surrender because its forces have been exhausted. Fighting for the consumption of troops, Britain and France have huge colonial armies, even if these people die ten people to eliminate a German, they will earn it.

Don't underestimate the British and French means of guiding public opinion, defeat can be promoted as a victory, let alone a victory in itself.

As a result, under the propaganda of victory, Britain and France submitted an application for the issuance of bonds worth up to $1.5 billion in New York, and it was not put in front of President Wilson. Such a large amount of bonds cannot be determined by a single New York Stock Exchange.

At this time, President Wilson, who had been in office for almost two years, looked at the bond sale application submitted by the British and French Treasury and pondered for a while.

"What's the reaction on Wall Street?"

In the face of the president's inquiry, the stock exchange opened its mouth. "Wall Street wants to take on the issuance of this debt."

Wall Street must support it, this time Britain and France have made a lot of profits, and it is not the style of Wall Street to make money or not. What if the British and French failed bonds depreciated or turned into waste paper?

This is the problem of those who buy bonds, and they should be cautious when entering the market when bonds are at risk. They can go to the government and ask it to help them get their own salaries, and Wall Street is more than willing to provide financing to the government.

After asking about the stock exchange, President Wilson looked at the others. "Do you think this debt can be issued?"

In the face of the president's words, at this time the Minister of the Navy, Josephus Daniels, spoke. "I don't know if this debt will be issued or not, but I think we can't lack the ability to ask for debt."

The former Minister of the Navy, who was a publisher, was a model of a civilian navy. As soon as he took office, he rejected the request of the naval officers to establish a general staff, and believed that it was to Prussianize the US Navy, and then he suppressed the conspiracy of the navy's top brass and supporters to formulate naval reform, and dismissed seven mid- and high-ranking naval officers who had conspired in one fell swoop.

It can be described as the obedience to suppressing the navy up and down, and it is quite skillful.

Of course, he also developed the navy, constantly applying to build ships, and of course, in addition to expanding the strength of the navy, he also gave Benjamin Tillman, then chairman of the US Senate Committee on Naval Affairs (a backer), the favor of delivering orders to the enterprises in his constituency. Although the first time to build a warship was a little slower, the Minister of the Navy was not in a hurry, and now he is not in a hurry to go to the battlefield.

Under the leadership of this wise naval chief, the U.S. Navy is now training beyond the sky, with a reloading speed three times lower than that of the British, German, Italian and other powers, and a dispersion area more than twice as high as it. If you let others know, you will definitely drop your jaw, what kind of African navy is this?

And Daniels's words made the scene burst into laughter.

At this time, the Secretary of the Army, Newton Barker, said with a smile, "I agree with Daniels that our Army also needs to increase its ability to collect debts to ensure that the money lent out can be recovered." ”

It is clear that the two military chiefs are asking for more military spending.

Wilson didn't say anything about the two and looked at the other, Secretary of State Robert Lansing.

"I think the current situation is because of the debt application from Britain and France, but the amount will be reduced somewhat. In addition, we can offer to mortgage, for example, in Bermuda. ”

Well, Secretary Lansing's words are understood. It's a matter of taking collateral.

Faced with the Secretary of State's proposal, Wilson looked at the others. "How's Lansing's idea?"

"Yes, that's total. At least have collateral, otherwise we are too risky. ”

"Yes, we can only get what we can get, and the Americas and the Atlantic are very good."

……

Amid the discussion, the Secretary of State's words were finally approved, and President Wilson looked at the Secretary of the Treasury, Mr. McAdoo.

"Rest assured, President, I will work with the Secretary of State to convey our attitude to Britain and France."

After receiving a reply from the Secretary of the Treasury, President Wilson looked at the two Secretaries of the Navy and Army. "Your proposal is good, I will push it to pass it in a while, and you can make a feasible and feasible plan."

"Okay."

As for why the United States actually asked for collateral, in the final analysis, it was the Entente camp that was too collapsed in front. Although it has risen up, the United States is afraid that it will wither again, so it is not surprising that it asks for collateral.

In the face of the United States' demand for collateral, Britain and France were naturally unwilling. But with the Treasury Secretary and Secretary of State biting to death, if you want to issue huge debts in the United States, you must have collateral, which is responsible to the American people. In the face of the conditions of the Americans who would not let go, and in addition to the urgent needs at home, Britain and France had to grit their teeth and agree. Take out the islands of the Americas and the colonies as collateral.

However, since they want to mortgage, Britain and France naturally have to borrow more, and after packing a large package of North American islands and Caribbean colonies, Britain and France will issue a debt of 2.5 billion US dollars. After some haggling, it was finally reduced to $2 billion.

Since then, the issuance of bonds has been completed.

Britain and France were even happier than the Americans. I'm not afraid that you will be my creditor, but I am afraid that you will not borrow.

(End of chapter)