A nation that owes more to other nations than it is owed.
We have paid our debts; we have become a creditor rather than a debtor nation.
Previous to 1914 we were the creditor and America the debtor nation.
The United States up to a few years ago was also a debtor nation, and more gold was exported than was imported.
Before the war we were a debtor nation; today we are rapidly becoming, if we have not already become, a creditor nation.
Thus time alone relieves a debtor nation, so long as its population increases faster than unpaid interest accumulates on its debt.
