Businessmen and rich landowners had put their money in Confederate bonds, now completely worthless. Confederate war debts would never be paid.

商人和富裕的地主把他们的钱都存放在南方邦联的银行里，现在一分钱也不值了。

youdao

With time, historians say there was recognition that Versailles did not achieve what it set out to, and that saddling a country with war debts was not a solution.

随着时间的推移，历史学家们说，重新审视《凡尔赛和约》，其实并未达到其初始时的目的。 只靠让一个国家来承担战争债务，终究不是解决问题的办法。

youdao

But an obvious difference from the post-war period is the need for American consumers to reduce their debts.

但是和战后时期明显的不同是，美国的消费者需要削减他们的债务。

youdao

Instead of offering aid, they demanded that the government sell the property of southerners to pay Union war debts.

VOA: special.2010.01.14

Confederate war debts would never be paid.

VOA: special.2010.01.14

Adherence to an unsustainable currency union - the Gold Standard - then forced governments to continue deflation-worsening policies, provoking social unrest and inter-country tension over unpaid debts (in this case war reparations, but still debts).

BBC: Thinking outside the 1930s box

Although it probably seems unthinkable today, there was a time when countries would actually go to war and seize territory over debts.

FORBES: How Debt Limits A Country's Options

Nations felt pressure to quickly repay debts accumulated during the war, but higher interest rates led to lower economic output, which in turn led to more protectionism.

FORBES: How Debt Limits A Country's Options