Scandinavian American. [volume] (Seattle, Wash.) 1945-1958, 1947-08-01
They've Already Sent Over
One Bomb
BY Aware c. Shoemaker

BY Alvaro c. Shoemaker
Your hungerscope for the next ten years may be
favorable than your fears permit you to believe And
the wrinkles in your belly not deep and not
in the 'fiftieS the thirtes you thank
Russia.
No, Uncle Joe his will not be sending you
cargoes of caviar Russia has already shvers
of fears which will have direct effect the economy
of this country when depression such paralyzed Am
mercan production and endangered millions of American
citizens in the early and middle thirties, sends up its
first unmistakabe warning signals.
Only those lost in the densest fogs of ignor
ance believe there any NATURAL reason
for the depression which carried this nation to the brink
of disaster The factories here ready instantly
produce ncacuabe stream of goods The transpora-
ton system in prime condition to function The soil
bursting to feed people from its reverfaling
bounty In short, there wasn't physical thing pos
sessed in the lush of the late Juveniles which
lacked the lean times of the early thrties Nothing
absent except PROFITS to be made from operation of
the physical plant
Whether not Russia has done the best possible job
OF demonstration is of debatabe Or perhaps it is
not debatabe for she has not But least she has shown
that when people given factory and mine and
mill and land they provide themselves the essentials
of life In the light of this demonstration, the master
opolsts of Americas economy beginning to wonder if
their social system stand the stresses of another de-
preston such have recently weathered with the
foruitous interposon of with its creation of work
and new, hot money
There are two good why economic masters
here cannot take the chance they took in the thrtes
l. Increased enlightenment the part of the people,
2. staggering increase in the national debt.
We witnessing in England today what can happen
to nation when it out of money and import
ant credit The United States could buy its way of
the more disastrous results of topheavy, monopoisc
structure In the thrtes because had credit 1t went
into the depression with national debt which would APP
pear to be microscopic today But what would be the
suit if faced another depression with debt of 266
billions of dollars? The service charge this debt
from all goods and services in 1888 The federal expend
lures for the next would require all the 1888 national
lncome-nOt just federal revenues-except for odd
nickels and dimes.
If We should face depression which threatened
to reach the depths of the hire would be defeated
In any OF the orthodox methods of prevention cushion
ing by collapse of the national credit With the crushing
weight already piled up the federal would
into almost immediate difficulties in marketing its new
securities at payable rate of interest Reflection on the
more than two hundred fifty billions existing govern
ment bonds would be almost immediate To estimate their
probable depreciation would be idle They would simply
crash, and few bonds could be sold at any price
What then would happen to free enterprise? The
answer is simple 1t would crash with the national credit