The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1933-11-15
Another Financial Crisis


11tOlEtSt Int4EGNlS1t NJ 1919
THE spectre Of financial crisis even more devastating
than the bank crisis of last March now faces the
Roosevelt government.
The note Of capitalist alarm and fear is breaking
through all the efforts Of the Roosevelt publicity to
hide it.
Within the last two days, three leading capitalist
organs Of business opinion, have definitely admitted
that the Roosevelt government faced with the failure
Of the NRA, to solve the crisis Is heading with
celebrating speed toward deeper financial crisis and to-
wards wild, uncontrolled currency initiation.
Listen to the Washington correspondent Of the New
York Sun in yesterdays papers:
I'VE are in the midst of a financial crisis, the
gravity of which cannot be Overestimated
the evidence is overwhelming that American
capital is fleeing to Canada to Europe; that dol
lars are being sold till the initiation panic is
over -. :"
And the financial writer for the Evening Post:
Coming together as they do bond selling
and flight of capital out of the country they
must be interpreted forecast of severe none
tsry and credit collapse
And then the confidential washington Kipnger
Letter:
Roosevelt must plunge ahead dollar de-
probation the course toward initiation seems
to us likely .."
THAT Roosevelt is being swept along toward the Ma
L CARA of financial inflatonary crisis is thus adj
mitted by the most reactionary press.
It is development that the Daily Worker has
been predicting ever since the Roosevelt government
took Office.
The financial crisis is only the reflection of
the fact that American industry is entering
new, profounder stage of economic crisis.
After six months of the Roosevelt N.R.A
program, it is clear that the N.R.A has actu-
ally intensified the crisis through the added pill
ing up of huge supplies of manufactured goods
for which there is market
Roosevelt's farm measures, in addition have actu-
ally intensified the extraordinarily deep agraran crisis
in this country.
The Roosevelt price structure, perched dangerous
y on high ground without the slightest real founda-
ton in economic fact sustained articialy only by
Roosevets desperate inflationary pumping, is show
ing signs of impending collapse.
And it is this which drives Roosevelt irresistbly
toward printing press money
But even profounder is the basic ntensihcation Of
the whole economic crisis
Steel production and general business activity have
the whole nfationary seasonal boom has been
completely erased And this drives Roosevelt toward
desperate initiation as solution solution doomed to
failure,
THE financial crisis the Roosevelt initiation will
mass misery and starvation, mass ruination and
pauperizaton such the country has not yet known
1t will hell for the city workers whose meagre
wages will melt before the rising prices and the cheap
ening dollar.
It will the completion Of the ruinatlon OF the
small farmers who will feel the weight Of new huge
taxes to pay for the paper currency.
The Roosevelt initiation and the financial crisis
means that the drive toward solution for the
crisis will be redoubIed
The workers can meet this Roosevelt money cheap
ening of their wages by relentless fight for higher
wages for the abolition Of for the workers. for
reduced living costs.
And the small and ruined farmers, united with the
proletariat and under its leadership must fight for
cancellation of all mortgage debts and taxes higher
prices from the monopoies and lower prices to the
city workers!
Fight against the Roosevelt initiation which slashes
the wages of the toilng masses! Fight against the
Roosevelt initiation which turns dollars into pennes
For higher wages to meet initiation prices
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