Dollar Diplomacy is the term use to describe the efforts of the United States — particularly under President William Howard Taft — to further its foreign policy aims in Latin America and East Asia through use of its economic power by guaranteeing loans made to foreign countries. The term was originally coined by President Taft, who claimed that U.S. operations in Latin America went from "warlike and political" to "peaceful and economic". It was also used in Liberia, where American loans were given in 1913.