the limit of the Entente’s credit would undoubtedly have been reached in the course of 1917. But instead, overriding the limit of the private capital market and replacing it with a radically new geometry of financial and economic power, one rich democracy, the United States, channelled huge public loans to London, Paris and Rome. It was this direct financing out of US public credit that helped to give the Entente its crucial margin of advantage over Germany.
