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Show THE ONLY COURSE. How long would bus'nesses or individuals in-dividuals remain solvent if for every dollar they earned they spent two dollars? It doesn't take a financial wizard to know they would soon be in bankruptcy bank-ruptcy courts. At the present time the federal government is spending two dollars for every dollar it receives in tax revenue. It :s no excuse to say that the federal fed-eral credit is still unimpaired, and that the currency is soundly backed with gold. Neither a nation's currency, nor public or private credit can long remain re-main "sound" under spendthrift prac-t'ces. prac-t'ces. The easy way out for a country faced with debt obligations is cur- I rency inflation but the harsh lesson of history, modern and ancient, is that in every case inflation produces fear, panic, and often complete breakdown of a ration's soc'al and economic structure. We hear much these days about "controlled inflation" what isn't heard is that no nation, no matter I how wise its administrators, has ever 'been able to keep inflation within I bounds once it was started. The future financial security of the nation can be assured in but one W;iy by reducing costs of government govern-ment to balance income. That may seem old-fashioned to modern financial finan-cial expermentalists but, all the pretty theories notwithstanding, it is the only safe and sound course for any nation, or individual, no matter how rich they are. |