The Panama Canal, when it opened in 1914, allowed the U.S. Navy to rapidly move back and forth from the Pacific to the Caribbean to European waters.[186]
In December 1902, the Germans, British, and Italians blockaded the ports of Venezuela in order to force the repayment of delinquent loans. Roosevelt was particularly concerned with the motives of German Emperor Wilhelm II. He succeeded in getting the three nations to agree to arbitration by tribunal at The Hague, and successfully defused the crisis.[187] The latitude granted to the Europeans by the arbiters was in part responsible for the "Roosevelt Corollary" to the Monroe Doctrine, which the President issued in 1904: "Chronic wrongdoing or an impotence which results in a general loosening of the ties of civilized society, may in America, as elsewhere, ultimately require intervention by some civilized nation, and in the Western Hemisphere, the adherence of the United States to the Monroe doctrine may force the United States, however reluctantly, in flagrant cases of such wrongdoing or impotence, to the exercise of an international police power.