Word: hooverness
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Though in his campaign be disputed the Hoover theme-song that the Depression was "world-wide," Franklin Roosevelt, as President, knows as well as any man that there can be no general economic recovery without the concerted action of all nations. He also knows that the World Conference at London would fail dismally if "opened cold" without preliminary negotiations. He believes in the efficacy of personal contact. He likes to be his own negotiator. And he has been saying for months: "If only MacDonald and I could sit down together...
...Bring Your Family.' Last week a sitting-down-together by the President and the Prime Minister was suddenly and expertly arranged. In London was Norman Hezekiah Davis. President Hoover's Man-about-Europe and now President Roosevelt's Ambassador-at-Large. He called on Prime Minister MacDonald. In Washington two days later Ambassador Lindsay was summoned to the State Department, handed a personal message from President Roosevelt to be transmitted to Prime Minister MacDonald. Excerpt...
That list blocks out the chief talking points for the forthcoming face-to-face discussions at the White House. First concrete objective is some new standard of international exchange to stabilize nighty currencies. The Roosevelt Administration, unlike the Hoover Administration, sees no quick return to an all-round gold standard. Yet last week the Bank of England's gold reserve reached $885.000.000, an all-time high, which pointed toward some sort of de facto stabilization of the pound-provided the dollar is not devaluated. The currency situation upsets normal trade channels because of a low-currency country...
Admitting, even charging, that the world was led into economic war by the tariff policies of Presidents Harding, Coolidge and Hoover, President Roosevelt hopes to lead the world to economic peace by his tariff policy. The Agenda Commission in its report flayed attempts at national self-sufficiency ("all seek to sell but not to buy"), manifested in retaliatory tariffs, embargoes, import quotas, export subsidies, and exchange restrictions which "throttle business enterprise." First objective at London is a tariff truce against more rate uppings. After that, attempts will be made to weed out such quota restrictions as Austria puts on tires...
...voluntary reform. The American Federation of Labor agitated the movement in & out of season. The American Legion backed it with a nation-wide radio campaign. Progressive employers publicized their adoption of it (TIME, April 27, 1931; Oct. 24). Both major political parties endorsed it in their campaign platforms. President Hoover put it into practice in the Federal Government as an economy measure. Its whole purpose is to share and spread employment...