Word: westrick
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...could laugh at your homey little piece on Dr. Westrick, the Fuhrer's latest appeasement-seeker in the U. S., if I was sure that no lame-brained tycoons would be taken in by its disarming simplicity...
...Westrick's proposals are "plausible and businesslike!" We lend them five billion; they use it to buy back goods from us. Our "security" is two billion in gold that we can't use and would never see anyway, because it would remain in the vaults of the Fuhrerbank (formerly the Bank of France). And as a special concession we are graciously allowed to lower our tariffs to let subsidized Nazi exports...
...Westrick proposals, plausible and businesslike, appeal to the U. S. economy in its most vulnerable spot. Their net: a post-war era of harmony between Europe (i.e., Germany) and the U. S. would mean a boom for the U. S., especially U. S. farmers, and would relieve the U. S. Government of two of its thorniest problems: 1) its $19,000,000,000 pile of idle gold, and 2) Latin America...
Underlying the Westrick olive branch are several assumptions. Hitler is assumed to be supreme in Europe, which will now become one continental economy, like the U. S. Living and consumption standards throughout Europe will therefore boom, afford an unprecedented market for North and South American goods which Europe sorely needs. (Did not Hitler's recent statement, "At no time has Germany had any territorial or political interest in the American continent' promise that Germany wants nothing else here?) Europe's demand for crops, says Westrick, will suffice to bail out U. S., Canadian and Latin-American surpluses...
...Germany is to pay for all these imports, the Westrick proposal is equally simple: the U. S. will give her the money-by continuing to pay $35 an ounce for Gold. Germany now claims to have something like $2,000,000,000 in gold. If she shipped that here, she would add to our surplus, embarrass us. Instead, she will help us put gold back into circulation by putting her $2,000,000,000 fund into a new European-American ("Schachtian") Bank of Intercontinental Settlements. Protected by this margin, the U. S. can then lend Germany, says Westrick, about...