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Historically, soldiers serving overseas had been paid in local currency rather than in their "home" currency. [1] Most cash drawn by soldiers would go directly into the local economy, and in a damaged economy the effects of a hard currency such as the dollar circulating freely alongside weaker local currencies could be very problematic, risking severe inflation.
The U.S. dollar was the currency with the most purchasing power and it was the only currency that was backed by gold. Additionally, all European states that had been involved in World War II were highly in debt and transferred large amounts of gold into the United States, a fact that contributed to the supremacy of the United States.
Roosevelt arranged the inclusion of the "cash and carry" clause "...as a deliberate way to assist Great Britain and France in any war against the Axis Powers, since he realized that they were the only countries that had both the hard currency and ships to make use of "cash-and-carry." [4] The clause was set to expire after two years.
The military history of the United States during World War II covers the nation's role as one of the major Allies in their victory over the Axis powers. The United States is generally considered to have entered the conflict with the 7 December 1941 surprise attack on Pearl Harbor by Japan and exited it with the surrender of Japan in 2 September ...
The quality of the Reichsmark coins decreased more and more towards the end of World War II and misprints happened more frequently. [8] [9] Since the 4 ℛ︁₰ coin was only slightly larger than the 1 ℳ︁ coin and the imperial eagle looked similar, an attempt was made to pass it off as a 1-reichsmark coin by silvering the 4 ℛ︁₰ coin ...
The years between the world wars have been described as a period of "de-globalisation", as both international trade and capital flows shrank compared to the period before World War I. During World War I, countries had abandoned the gold standard. Except for the United States, they later returned to it only briefly.
World War II [b] or the Second World War (1 September 1939 – 2 September 1945) was a global conflict between two coalitions: the Allies and the Axis powers. Nearly all of the world's countries participated, with many nations mobilising all resources in pursuit of total war .
The U.S. dollar became an important international reserve currency after the First World War, and displaced the pound sterling as the world's primary reserve currency by the Bretton Woods Agreement towards the end of the Second World War. The dollar is the most widely used currency in international transactions, [4] and a free-floating currency ...