14. Also at play here was the “seniority swap” that occurred when the 1929 Young Plan for reparations payments reversed the credit-default seniority of commercial claims over reparations claims that were present in the previous Dawes plan arrangements. Once this credit-protection clause was removed in 1929, commercial (i.e., American) capital evacuated Germany.

Mark Blyth, Austerity, loc. 1007