At the end of the war, millions of people were dead and millions more homeless, the European economy had collapsed, and much of the European industrial infrastructure had been destroyed. The Soviet Union, too, had been heavily affected. The war changed the economical balance of the world, leaving European countries deep in debt and making the U.S. the leading industrial power and creditor in the world. Inflation shot up in most countries and the German economy was highly affected by having to pay for reparations.