1. USH 10:1 Politics of the 1920s 29 th President: Warren G. Harding (1921-1923) – Gave key positions to friends and allies – Teapot Dome Scandal Private interests leased government land containing US Navy oil reserves

2. 10:1 30 th President: Calvin Coolidge (1923-1929) – Harding’s V.P. – Harding died of a heart attack – Restored confidence in government after Harding scandals

3. 10:1 Andrew Mellon – Secretary of Treasury – Three goals: Balance the budget Reduce government debt Cut taxes

4. 10:1 “Supply-Side” Economics (“trickle-down” economics) – High tax rates decrease amount of money government collects – Low tax rates encourage businesses to spend and invest more money

5. 10:1 Debtor Nation – Before WWI US was a “debtor nation” A nation that pays out more than it takes in – After WWI the U.S. is the dominant economic power in the world Wartime allies owed billions in war debt to U.S.

6. 10:1 Dawes Plan – U.S. banks would lend money to Germany – Germany would pay off “reparations” to Britain and France – Europe would pay of war debt to the U.S.

7. 10:1 The Washington Conference – 10 year moratorium (halt) to building warships – Destroy certain warships already in existence – “Five Power Naval Limitation Treaty” Britain, France, Italy, Japan, U.S. – Conference had one serious flaw Did not limit land forces

8. 10:1 Kellogg-Briand Pact – U.S. Sec of State Frank Kellogg – French Foreign Minister Aristide Briand – Goal: outlaw war – All disputes would be settled by peaceful means