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theme, Stone and Kuznick argued that the USA was transformed by its financing of France and England during the Second World War from a debtor nation to a creditor: one that, C or po ration s in the aftermath of the war, had been changed radically. On Stone’s own evidence the picture is a complicated one. McKinley’s 1900 re-election had demonstrated a popular appetite for an expansionist agenda, but there can be little doubt that the channelling of German war reparations back to US finance houses after the First World War played its part in the financial and