Post War Reconstruction
A Difficult Economic Restructuring
In 1920-1921, the United States went through a deflationary recession partly due to the necessity to adjust from wartime to peacetime economy and deal with a tighter monetary policy and price expectations. In January 1920, by fear of monetary disturbances the United States suspended all government loans and American private banks reduced their bank loans. European countries, notably France, were rebuilding economies and undergoing reconstruction. Although they were in great need of building supplies, their respective means of payment had been basically exhausted due to the full cost of war. Without provisions orders from Europe became scarce resulting in inventory accumulations in supply countries leading to an extreme deflation.
Renewal of an Enduring Alliance
It was in this charged environment that, Marshal Ferdinand Foch and Count Charles de Chambrun, a descendant of Lafayette, arrived in America on 28 October 1921, with the sole purpose to renew Franco-American friendship. With General Pershing on his side, Marshal Foch’s tour was a triumph and the somewhat 1917-1918 stormy relations between the two men had become totally invisible in the eyes of the journalists following all their movements by photographing or filming the two heroes. Marshal Joffre also visited the United States for a few days after 11 November 1921. Georges Clémenceau, then aged 81, also visited the States for the same purpose in 1922.
Sabre presented to Marshal Ferdinand Foch by the French Institute in the United States, NYC, 1921. © Paris, musée de l’Armée, Dist. RMN-GP Émilie Cambier
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