Full Text

Johnson Debt Default Act


Subject History

Place Northern America » United States of America

DOI: 10.1111/b.9781577180999.1997.x


Extract

(13 April 1934) After the failure of European nations to honor their W orld W ar I debts to the US after the H oover debt moratorium , Congress forbade government loans to any foreign country delinquent in its war obligations. By 15 June 1934, when the US was owed over $22 billion (including future interest charges) all foreign countries had defaulted on their loans except Finland, which later paid in full. The Johnson Act was an expression of US isolationism, which failed to recognize that a major reason why Europeans could not honor their debts was the H awley —S moot T ariff's exclusion of their exports from US markets. ... log in or subscribe to read full text

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