Some Political Considerations

Abstract

The case for and against the prolonged defence of the dollar’s old parity, as the case for and against excessive export of American capital, must not be judged solely on the basis of economic considerations. Grave political considerations were also involved, and to my mind some of them were even more important, indeed much more important, than the sum total of economic considerations. The latter concern the prosperity and economic stability of the United States and the other countries of the free world. The former concern the maintenance of their freedom. Important as it is to maintain our progress towards a higher standard of living and to avoid taking undue risks of relapsing into chaotic economic conditions, it is infinitely more important that the people of the free world should be able to retain their freedom in face of the menace of enslavement by Communist-imperialists.