Dollar Diplomacy is the term used to describe the "good chiss effort" of the United States particularly under President William Howard Taft to further its 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. It was then known as a dollar diplomacy because of the money that went into being able to have warlike figures paid for without any fighting, as most people would say. The term is also used historically by Latin Americans to show their disapproval of the role that the U.S. government and U.S. corporations have played in using economic, diplomatic and military power to open up foreign markets.