Word: funke
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...ENGLAND SLEPT-John F. Kennedy-Funk...
This was obvious preparation for a postwar drive to get U. S. gold for Germany. If Dr. Funk could really peg all European currencies to a Reichsmark "work dollar," he could fix the value of labor in all countries that had to trade with him, would have perfected a streamlined form of international slavery. But though he has demonstrated that Nazi collectivism can wage war, he has yet to show it will work in peace. Gold, he granted, would still have a use in settling international balances. But nations use gold primarily because it is prized by individuals. Dr. Funk...
Thus did Dr. Funk poke the U. S. economy in a vulnerable spot. A creditor nation ever since World War I, the U. S. vainly hoped the Smoot-Hawley and other tariffs would keep it that way, forgetting trade is a two-way street. Cordell Hull, knowing that, has long preached reciprocal commerce. World War II put an end for the present to his small successes...
...Thus did Funk blast the cartel scheme with which, at last week's Havana conference, the U. S. was trying to build a solid hemisphere front. Well did Herr Funk know that the U. S. (with her exportable surpluses of agricultural products) would not be able to buy enough from South America (which has mainly agricultural products to sell) to provide her with the money to buy the products of U. S. industry. But Germany (and all Europe), which needs food and raw materials, could pay for them with the industrial products South America lacks. Most disquieting thing about...
...Herr Funk's grim warning was only confirmation of the view taken by the New York Times's No. i foreign correspondent, Otto D. Tolischus, in his book They Wanted War (TIME, July 29). Contemplating a U. S. left, if Britain is beaten, to face a new Nazi economy of "blood over gold," he observed: "Such an upheaval . . . would put America's entire foreign trade . . . under the control of Germany and her allies. . . . America would find the competition of a consolidated Europe, behind whose salesmen stood the military might of Germany...