Detroit evening times. (Detroit, Mich) 1921-1958, 1941-06-11
Money Expert
Fears Some
U. S. Initiation
Declares Credit Buying
Completes With Defense
By PAUL MALLON

apparently does not believe his
pupils over here are doing so
well. He see a certain amount
of price initiation inevitable.
The famed British economist
is not seeing this in public. only
in the gatherings with the New
Deal thinkers during his Wash
ington visit Latest such is a
dinner given in his honor by
Leon Henderson, the price re-
striction commissioner for Mr..
Roosevelt.
AT earlier gatherings, Keynes
contributed these following new
American observations (remem-
Der his views have fathered
much government action:
The United States government
has been moving too slowly TO
prevent initiation. Britain
was slow and is experiencing
some substantial price imitation,
but Washington has been even
slower Three criticisms
should be made:
mo curb has been put upon
inStaliment buying 10 limit the
purchase Of goods coming into
competition with the defense eff
fort.
Government bonds cannot
be sold fast enough or in suf-
ficiantly large quantities to act
as an effective brake.
3-TaX increases will be TOO
slow and not sufficiently drastic.
TliE kind of imitation of which
L Keynes speaks is the price
rising. not the monetary kind,
but the difference could only be
OF interest TO an economist.
AS far AS every one else is
concerned. an increase in prices
of say 50 per cent Tor in any
amount is decrease in the
value of the dollar by that same
amount 10 all the bulk of the
nation on fixed income.
Evidence of concentrated
IL German submarine activity
Just south of Greenland is not
the first indication that the
NaZis may have had some sort
of base there in Mr.. Roosevelt's
own occupied territory.
The navy slipped word TO sew.
eral senators week ago that
II had such evidence and had
been investigating. The continu-
Gus succession Of deep fjords
was so vast. however. il could
not locate the nests but was still
trying.
Presumably these bases could
be hit-and-run rendezvous spots
AT which supply ships from the
homeland pass oil and food 10
the subs. These could be differ
ent each time and detection
would be additionally difficult in
view of the limited visibility in
that area.
The first evidence was appar-
emily based only on the fact
that subs just could not operate
so extensively in droves so far
away from home without some
help from somewhere in that
area. This would not imply an
invasion threat. but would sup
geSt dangerous trouble for
American patrols. especially as
part OF the Greenland east coast
Is outside the geographical line
OF the Western Hemisphere.
WHAT Ambassador Winant
dropped INTO thes.sarS of
senators was only confrmatory
details of what he said aloud.
lie insisted upon believing Herr
less had actually come 10 Eng
land for refuge Why. he did
not know British officials have
been seeing Hess daily. pump
ing HIM. but with no result of
which he knew.
Wlnant thought the Churchill
government would continue. on
the ground the British men-in-
the-Strcet and governments of
conquered nations were for
him. tOther lofty belief here
has been that Churchill could
not survive loss Of the SueZ.
The ambassador was rather
optimistic about British chances
attributing the levellng-off in
British slnkingS 10 American
patrol Spotting of subs.
4 IL is set for the Nazi move
"A ~ Spain toward Gibraltel
when the signal is given.
Government information from
Spain reveals thousands of MAJ
soldiers are already i'm SPAR
disguised. not as tourists thi.
time. but as workers. German
stores, normally employing 1C
mon now have hundreds. Con.
sulatcS are greatly eyermanned
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