Keynes' Loan

Last night I was watching a Christmas present of mine: a DVD of "Andrew Marr's History of Modern Britain". (Which I would reccomend, by the way.) In episode 1 ("Advance Britannica"-basically dealing with Atlee and Churchill's governments after the Second World War), it was saying how Ol' Clem sent John Maynard Keynes to Washington to try and negotiate this: http://en.wikipedia.org/wiki/Anglo-American_loan

Keynes, buoyed up by Special Relationship, and convinced of his own economic genius, said he could obtain an eight million pound loan, with no interest. What he actually got was a four million pound loan, which the proviso that certain conditions which protected the pound (Andrew Marr didn't go into detail about these, but they caused the pound to devalue considerably.)

I was just wondering: if, by some miracle of economic justification and manouvering, Keynes actually did manage to get the full eight million pound loan, without interest or any other conditions-what would have happened? Would the New Jerusalem have risen?

I know that this was unlikely (for one thing, the American public disliked it, with 60% against giving the loan-according to Marr, because the UK was both Imperialist and Socialist), but not impossible. What do you think, Alternate Historians?
 
Unlikely, they'd have probably just wasted it. Going from my rather limited knowledge of the subject the two main problems were that British governments were still trying to keep the Stearling Area going and used the loans that they got to continue military spending that they just couldn't afford rather than investing in rebuilding their infrastructure and industry. They were still trying to act as a great power whilst not having the money for it and wasted what should have been invested for the future.

Plus there was the nationalisation and state direction of the economy that was introduced although I can't say whether that was a good or bad thing at the time. Going on how that's usually turned out in history I'm guessing it was probably a mixed bag at best.
 
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