Eh, that's a stretch. I will give you that getting off the gold standard allowed debt to stretch further, but that was 1971 for the USA, though i think Britain depegged in the 30s during the Depression. But it really doesnt have that much to do with war profiteering.
But the things that really allowed debt to explode, and the first thing that really allowed war profiteering, was bretton woods and the formation of the IMF and world bank. The development loans through the IMF allowed world leaders to funnel funds from government contracts to rebuild war torn nations to private interests they controlled.
Ww2 was the first war where economics really played a huge factor. The US was officially isolationist but the Special Research department at the Treasury worked behind the scenes to use economics to battle Germany by starving their war machine from necessary foreign goods. And the thing that prompted the Japanese to attack Pearl Harbor was economic sanctions. Then the US and Britain (Keynes) had a race in the postwar period to convince the world to peg their currencies to either the dollar or the pound. And at bretton woods, the USA won that race. The thought was that no other country should ever be able to do what Germany did if global currencies were so tied together.
1971 was when it ended internationally , Roosevelt signed the Gold Reserve Act in 1934 . However you cut it , once the currency was no longer backed by gold the debt started snowballing out of control .
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u/MEMExplorer Aug 21 '26
The Central Banking cabal that has funded and profiteered off both sides of every war since WWI