Word: keyneses
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"I condemn the Morgenthau and Keynes plan in toto as putting the cart before the horse, as encouraging rather than checking unsound tendencies in Europe, and as introducing new unsound tendencies at home."
Thus last week Dr. Benjamin M. Anderson, famed onetime (1920-39) economic adviser to Manhattan's Chase National Bank-now professor of economics at University of California at Los Angeles-concluded an address before the Los Angeles Chamber of Commerce. His was the most severe criticism yet made of...
>In order to start business in Europe, both plans provide for making short-term advances to nations which, for a considerable period after the war, will have to import more goods than they export. Most European nations will become debtors to the White stabilization fund (or the Keynes Clearing Union...
>Keynes and White give debtors as well as creditors voting power over the credit extended by the stabilization fund. Said Anderson, "A bank, a majority of whose board of directors are impecunious debtors to [it] . . . would very speedily become a ruined bank." The White plan actually gives the U.S. power...
The White plan's emphasis on gold was likely to get political approval. But expert O. M. W. Sprague, former economic adviser to the Treasury and to the Bank of England, came out for Keynes, termed the White plan overcomplicated, warned that nations with little or no gold would...