[1st verse:]
England and Italy and Germany and France
We came here to discuss the debts
And we're leaving with no regrets
For England and Italy and Germany and France
We have more than reached our aim
And we're mighty glad we came

[Europe's Refrain:]
We've had a lovely conference with the U.S.A.
We'll pay our debts in silver and we'll be glad to pay
In a month or two we think we can pay our debts in zinc
And the next year we'll begin paying off what's left in tin
Oh, how we love America for she never makes a fuss
That's why we love America and America loves us
We'll tell our countries what we did and they're bound to say
If you think we can pay them off in wood, go back to the U.S.A.

[2nd verse:]
England and Italy and Germany and France
Here's some news that you ought to know
Off the gold standard we must go
Like England and Italy and Germany and France
We are going to inflate
And we're very glad to state:

[America's Refrain:]
Let the pound go up, the franc go up, the mark go up as well
Uncle Sam will be in Heaven when the dollar goes to Hell

For the stocks go up, the bonds go up, when no one wants to sell
Uncle Sam will be in Heaven when the dollar goes to Hell

Of course, our friends won't like it across the ocean blue
But we can greet our neighbors with a hey nonny nonny and a nuts to you

Let them call us this and call us that but while they scream and yell
Uncle Sam will be in Heaven when the dollar goes to Hell

[Europe's refrain is then sung in counterpoint with an altered
Stanza and a half of "The Star Spangled Banner"]