Word: 20s
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...ceases to give goods away it will suffer from unemployment, despite and because of its vastly expanded productive capacity. Moreover, European and Asiatic collapse will be on a far greater scale than they were when U.S. relief and financial first aid dried up in the early '20s. In sum, the answer may be greater poverty in the midst of a greater potential plenty...
...international money was not always a tangle. Once it was almost as simple as coin in the pants pocket. And then there was better employment and a greater rate of progress. Out of this relatively happy experience and the unhappy turmoil of the '20s and '30s may come the knowledge that will make money simple and stimulating again...
Prelude. Before the task that was dropped in 1914 and was fumbled through the '20s can be picked up again by the U.S. and Britain and such others as may be in a position to join them, certain public attitudes in the U.S. must undergo a change...
...influence for sanity in financial affairs. Of like importance is the substitution of a multilateral agreement, a set of rules for voluntary participants to observe, in place of bilateral deals that can only fan destructive competition. Both plans write a text based on desperate rearguard campaigns of the '20s and '30s. They recognize the experience leading to the minimal Tripartite Agreement of 1936: that some collaboration, any collaboration, in international money matters is indispensable. "The Tripartite Agreement," said one potent U.S. exporter, "was worth a hundred trade treaties...
...Almost all of the $2 billion of U.S. Government wartime loans and outright payments for strategic Latin American goods has gone into productive goods like highways, railroads, manufacturing and mining plants. Not more than 10% of the loans of the '20s were of a self-liquidating variety...