Quote:
Originally posted by alleramilitaria
i think we did that with most of the surpluss items but the NEW gear was sold at cost without intrest. that way we could leagaly do it and still stay nutral befor dec 8 44, and do it leagaly after that. remember that some people wanted rosevelt impeached for even selling the british gear.
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I don't think so.
The only thing "at cost" was a few WWI four funnel destroyers saved from the scrappers' gas-axe.
Lend-Lease was replaced, or converted, in Aug 1945 by a loan to cover it of $130,000,000,000 and from 1951 at a rate of 2% interest. Doesn't seem like "at cost" or "without interest".
Missed payments simply extended the loan and it is quite obvious the British economy was effectively bankrupted by the repayments until the early 1990's. The Treasury weren’t able to repay in 1956, 1957, 1964, 1968 and 1976.
It is also recognised that a different situation might have ensued if we had demanded royalties on the free-issue technology of the magnetron, jet engine, antibiotics and nuclear research.
Here's a reference to this period from an author researching a reference work on the British pound.
http://www.sundayherald.com/53579
R.