Word: excessive
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Dates: during 1940-1949
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That age-old right of a sovereign nation, for which the U.S. fought in 1812 and again in 1917, was virtually surrendered by the passage of the Neutrality Act in 1935-surrendered in an excess of idealism just as sweeping as that with which'Americans surrendered the right to drink when they passed the 18th Amendment. If now the Freedom of the Seas is reasserted it will be an event as striking as Repeal-the end of America's second Noble Experiment in one generation. Last week the effort to end it was already afoot: ^ Secretary Knox denounced...
...Commons, it was hinted that he would go further and rule out peace once more and for all. And in Washington Secretary of State Cordell Hull gave the first U.S. statement of peace aims. One sentence alone ("Extreme nationalism must not again be permitted to express itself in excess trade restrictions.") showed that these aims cannot be realized without Hitler's defeat...
...plan of "How to Pay for the War" and extravagant demands of Veterans of Future Wars, it is a scheme simple enough for even the non-economist to grasp. Cambridge Professor John Maynard Keynes, now in the United States to speed Lend-Lease aid, has proposed lopping off the excess of total wages over total goods available for consumption by paying workers partly in bonds rather than cash. This would keep prices from rising in the wartime world when income soars while output is shifted to defense needs; and, in the post-war slump to be expected when the armament...
...Plan assumes that when the ceiling on Britain's capacity to produce consumer goods has been reached the people are left with excess purchasing power, which they will not voluntarily invest in Government bonds. Since only 200 people in England still have incomes (after taxes) exceeding $20,000 a year, most of the excess purchasing power is in the hands of the working class...
...Instead of taxing away all this excess, Keynes's plan would tax only part of it, impound the rest into savings accounts.' After the war. these compulsory savings will be returned with interest, giving war workers a stake in the Peace and also providing a cushion of consumer spending for the post-war slump. Only alternative, besides runaway inflation, says Keynes, is to peg the price of everything as Germany has done...