sentences:  President Theodore Roosevelt rejected this policy as an extension of the Monroe Doctrine, declaring, "We do not guarantee any state against punishment if it misconducts itself".Instead, Roosevelt added the Roosevelt Corollary to the Monroe Doctrine in 1904, asserting the right of the U.S. to intervene in Latin America in cases of "flagrant and chronic wrongdoing by a Latin American Nation" to preempt intervention by European creditors.This re-interpretation of the Monroe Doctrine went on to be a useful tool to take economic benefits by force when Latin nations failed to pay their debts to European and US banks and business interests.