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Show ENEMIES OF DEMOCRACY HERE Fiscal policy is the core of the problem of financing the defense program without inflation or economic dislocation, says the special banking studies committee of the American Bankers association, in a recent published report. Pointing out that in the absence of appropriate preventive preven-tive policies, forces now at work will lead to a severe inflation infla-tion such as always has accompanied war, the committee states that action against inflation is necessary in three areas: bank credit expansion and activity, taxes and borrowing, borrow-ing, and prices and wages. The war boom is now gathering momentum. And all of the influences that may ultimately produce inflation are gathering momentum with it. It is apparent to anyone that so far the government has done almost nothing to prevent it. Nb action has been taken on the extremely important recommendations made sometime ago by the officials of the federal reserve .system. The wage-price problem remains unsolved. And our tax and borrowing policies are dangerous danger-ous in the extreme. No greater issue faces us than this. For if real inflation comes, this country, as we know it now, will be doomed as surelv as if it were successfully invaded by a foreign enemy. M |