STAND-ALONE. The Americans insisted on extracting every cent from war-torn Britain and France in the aftermath of World War I. They made them repay the money they had borrowed, at increasingly high interest rates, to buy American weapons to fight Germany. It led to economic depression. The 1929 Wall Street Crash was part of a global financial meltdown which led to economic nationalism – survival of the fittest, everyone for himself. And that was before Hjalmar Schacht Reichsminister for Economics in Germany, trapped American companies in a series of clever regulations. It enabled Hitler to rearm. [We'll soon get to how the British also enabled Hitler!]

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