When Interest Rates Built the American Empire

>There is nothing a nation should avoid as much as owing money abroad… You are doubtless aware that some nations are very derious to loan money to weaker nations whereby they might establish their supremacy and exercise undue influence over them. They lend money to gain political power. They are ever seeking the opportunity loan. They would be glad, therefore, to see Japan and China, which are the only nations in Asia that are even partially free from foreign rule or dictation, at war with each other so that they might loan them on their own terms and dictate to them the internal policy which they should pursue.

https://www.econ.kyoto-u.ac.jp/BHSJ2018/pdf/E09Austin_Busine...