Benn Steil

“The Bretton Woods saga unfurled at a unique crossroads in modern history. An ascendant anticolonial superpower, the United States, used its economic leverage over an insolvent allied imperial power, Great Britain, to set the terms by which the latter would cede its dwindling dominion over the rules and norms of foreign trade and finance. Britain cooperated because the overriding aim of survival seemed to dictate the course. The monetary architecture that Harry White designed, and powered through an international gathering of dollar-starved allies, ultimately fell, its critics agree, of its own contradictions.”
― Benn Steil, The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order

“From the viewpoint of the vital interests of the United States, the principal issue in Europe today is whether or not it will be totalitarian. If the virus of totalitarianism spreads much farther, it will be almost impossible to prevent its engulfing all western Europe. This would mean communist totalitarianism almost everywhere on the continent with the iron curtain moving to the Atlantic. In the event of a totalitarian Europe, our foreign policy would have to be completely re-oriented and a great part of what we have fought for and accomplished in the past would be lost. The change in the power relationships involved would force us to adopt drastic domestic measures and would inevitably require great and burdensome sacrifices on the part of our citizens. The maintenance of a much larger military establishment would undoubtedly be required. The sacrifices would not be simply material. With a totalitarian Europe which would have no regard for individual freedom, our spiritual loss would be incalculable.”
― Benn Steil, The Marshall Plan: Dawn of the Cold War