The daily worker., 1933-07-03

t actually declares that the UnateS
States will not yield one inch in il
opposition 10 any attempt to estab
ljsh the American dollar at SOM
definite ratio to the pound and franc
The proposed declaration whicl
Roosevelt rejected stated, that stabi
llty in the international rnonetar
field should be obtained as quick
as practicable
Conference Collapsins
Roosevelt's rejection of this prc
position, which is really the funda
mental purpose for which the Coz
ference was called. means the con
plete shattering at present of 9
hopes for the return of the intern
tional gold standard, and reveals IL
utter futility of all the Conferent
proposals for the stabilization Of il
ternational currency.
The stabilization Conference. upc
whose success Roosevelt himself d.
clared depends the peace and pro
perity OF the world" is, thus, I
longer stabilization conference, ar
is faced with the possibility Of In
minent breakup,
It is now clear that Moley's Wis
to London, and his apparently tao
approval of the latest proposal, VIZ
nothing more than q strategem
diSarm European rivals of America
imperialism in preparation for Roose
velt's latest action, which, once an
for ALL proclain1s to the British an
French delegations that the Unite
States is determined to go aheat
at all costs, with its own curreno
imitation program.
Initiation Program Enriches
Spectators
Roosevelt's rejection of the stabiii
zation plans of the Conference, evel
in principle, will undoubtedly pro
ouce in the next few days con-
tinued sharp decline In the dollar
on the foreign exchanges. 1t has
already caused a terrific rise on the
stock exchanges, bringing tremendous
speculative profits to the stock spec
ulators. Roosevelt's program is, thus,
bringing the greatest benefits to
those Spectators" whom he de-
nounced in his election speeches.
Like the Geneva Disarmament
conference which just adjourned
again without accomplishing one Of
its ostensible purposes. hopelessly
deadlocked by imperiaiist rivalries,
the present London Conference is fac
ing immediate collapse.
French Ready To Leave
The French delegation and news
papers are openly saying as much.
The French spokesman said when
Roosevelt's answer was received, 'Ths
conference may go on, but the con-
ference is dead"
And the following statement from
a leading French paper, L'Echo de
Paris, is typical of all the leading
French journals, THE continuation
of the. London Conference Is nc
longer justfable."
Already many countries are pre-
pairing to erect still higher tariff
barriers against the influx Of Amer
ican goods which will result IL the
American dollar continues to fan
The bitter hostility of the French
delegates can be understood from
the fact that Roosevelt's latest
statement has given great strength
to that section of the British dele
cation which favers the further in
flation of the pound, that is, an
open currency war with the United
States. For the French, this would
mean the impossibility of staying
on the gold standard, since Brit
ain would have to begin selling its
large holdings of francs.
Starting Currency War.
AT present BriSsin's holdings Of
French francs IS giving some sup
port TO France against the United
States, But Roosevelts statement
forced the imperialist powers to
fight desperately for their own skins.
An open currency war, with a race
to see which currency can be cheap
ened more, is definitely signalled BY
Roosevelt's uncompromising starS
for initiation
To Make the Workers Pay.
RooseyeIt's stand is dictated BY
the fact that his mNec purpose Of
his initiation program is to increase
the profits Of American capitalism
by reducing by initiation the real
wages of the American workers.
raising the prices of commodities in
the domestic market, and strength
ening the competitive advantage q
American Imperialism in the inter-
national markets.
The currency fight Is hght for
markets, and each imperialist power
is attempting to down its rivals At
the expense Of its own workers a
home.
Roosevelt's latest statement means
the further intensihcation Of the
drive against the buying power and
the living standards of the Ameri-
can Workers.