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...public debt, more 'wasteful' than the expenditures in the late twenties, based upon private debt, whereby billions of dollars were diverted to uncollectable foreign loans and to build at inflated prices huge skyscrapers, office buildings and apartment houses, many of which have never been sufficiently occupied to maintain the investment...

Author: /time Magazine | Title: FISCAL: Eccles on Economics | 1/2/1939 | See Source »

...Declaration of Lima, a sort of interlocking Monroe Doctrine for all American nations, declares that the American States "reaffirm their continental solidarity and their purpose to collaborate in the maintenance of the principles upon which solidarity is based"; that they "reaffirm their decision to maintain and defend them against all foreign intervention"; that whenever a crisis arises any American country can call for a meeting of all the other signers...

Author: /time Magazine | Title: Foreign News: Solidarity | 1/2/1939 | See Source »

Russia, in popular estimation, remained during 1938 the world's No. 1 Godless State. Russia's policy has long been to tolerate religion, and even to maintain, for propaganda purposes, certain puppet churchmen, so long as it appeared that there were people who wished the church's ministrations. To many Christians there has been some encouragement in the fact that Russia's League of Militant Godless, whose work the Government approves, has continued to fare not very well. Last spring the Government jailed a good many Orthodox prelates in what was heralded as a new drive...

Author: /time Magazine | Title: Religion: Where Is He? | 12/26/1938 | See Source »

...already jumped on nine other "thrift plans" this year, but mostly for minor offenses in their business of selling their shares on the installment plan. Charges in Fidelity's case are more grave: That Fidelity obtained money and property by means of untrue statements, had failed to maintain required reserves against its $276,000,000 in outstanding certificates, had resorted to interfund transfers to write up the book value of securities by "well over $1,000,000," had used investors' funds for the benefit of trie officers and directors of the company...

Author: /time Magazine | Title: MONEY & BANKING: Fraud and Deceit | 12/26/1938 | See Source »

...government realizes that, should the Italian peninsula and Tunisia be joined under the same rule, Mussolini would obtain strategic control over the Mediterranean. And the dominance of this sea by any single nation would imperil the "drang nach Osten." Recent events have only emphasized the importance to Germany of maintaining the divided control there is at present; for the Reich, barred by a hostile Rumania from access to the Black Sea, is now trying to make Yugoslavia her vassal and Mediterranean outlet. German interests have thus come into conflict with the Italian dream of a "Mare Nostrum"; and a direct...

Author: NO WRITER ATTRIBUTED | Title: THE AXIS BEGINS TO CREAK | 12/12/1938 | See Source »

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