Empire & Secrecy Even as empires ended, the transfer of wealth to the West continued. This was enabled by two key policies. By the first , the US allowed Britain to effectively default (https://thewire.in/banking/how-india paid-to-create-the-london-of-today) on its wartime debt to India (including Pakistan) & Egypt of money owed for exports to the United States & expenditure on Allied war effort in Italy North Africa the Middle East Burma Malaya & Japan, by secretly working out a deal in 1947 to allow the UK post War Labour Government to renege on its formal commitment to convertibility of the pound sterling upon which those countries had predicated their agreements with the UK (https://thewire.in/history/independent-india-secret-uk-us-deal-britain-wartime-debt). As a result, the UK not only very gradually drew down its worldwide colonial commitments over the next two decades, but banks worldwide were compelled to hold sterling at a time when all –
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