Word: morgenthau
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Dates: during 1940-1949
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...First move was silver. When the Cárdenas Administration grabbed U.S.-owned oil properties in 1938, the U.S. quit direct buying of Mexican silver. In Secretary Morgenthau's office Mexico's Finance Minister Eduardo Suárez signed the agreement that started the U.S. buying again-6,000,000 ounces a month at 35? an ounce, or some $25,000,000 a year-to bury in the vault at West Point...
...January, President Roosevelt will ask Congress to appropriate some $37 billion for fiscal 1943 (a rise of nearly $13 billion over 1942's budget). Thirty billion of this fabulous sum is for defense. Raising the money will be Mr. Morgenthau's problem. The Treasury is in the midst of a campaign to sell Defense Bonds to labor unions and employes' organizations on a voluntary "salary allotment" plan. If that scheme fails...
...resort to compulsory savings, now in force in Britain. Meanwhile, the Government must have some kind of price control, to keep the cost of defense from soaring so high that Mr. Morgenthau cannot reach...
Secretary Morgenthau is trying...
...Morgenthau's sponges are taxes, still more taxes; defense bonds, perhaps enforced savings. But he is bailing a ship into which the defense boom dumps new waves of purchasing power every week. During the first week of December, for example, some 8,000,000 citizens will draw $400.000,000 in Christmas Club money out of the banks and start spending it. Such buying pressure, exerted on a decreasing volume of consumer goods, will either 1) force prices upward to the point where "prosperity" will be a mirage, or 2) if prices are controlled, hasten the need for consumer rationing...