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The first requirement of confidence and of economic recovery is financial stability of the United States Government. I shall deal with fiscal questions at greater length in the Budget message. But I must at this time call attention to the magnitude of the deficits which have developed and the resulting necessity for determined and courageous policies.

It was only when the system of Russell became incarnate in a governor, Lord Metcalfe, and when the opposing facts also took personal form in the La Fontaine-Baldwin ministry, that both in Canada and Britain men came to see that two contradictory policies faced each other, and that one or other alternative must be chosen.

The threat of federal intervention in state racial policies led to a revolt by several Southern Senators within the Democratic Party. In 1948 they formed the Dixiecrat Party and refused to support many of the policies and candidates of the Democratic Party.

The level of employment at which inflation does not accelerate the non-accelerating inflation rate of unemployment or NAIRU is susceptible to government policies. Vanishingly low inflation bordering on deflation also results in a "liquidity trap". The nominal interest rate cannot go below zero. But what matters are real inflation adjusted interest rates.

Taft repeatedly gave assurance to the voters that it was his intention to carry out the Roosevelt policies. There is practically no one, even those who disapprove most heartily of Mr. Taft's record in the Presidency, who thinks that he was anything but sincere and honest in making these promises to the voters. Now, without discussing for a moment Mr.

Let history be taught as Fitchett teaches it in his "Deeds that won the Empire" and the end will be accomplished, patriotism will be inspired, and the nation loved. Dates, names of deeds, causes of war, international policies may easily be introduced incidentally.

Able newspaper correspondents like Sidney Andrews of the Boston Advertiser and the Chicago Tribune, who opposed President Johnson's policies, Thomas W. Knox of the New York Herald, who had given General Sherman so much trouble in Tennessee, Whitelaw Reid, who wrote for several papers and tried cotton planting in Louisiana, and John T. Trowbridge, New England author and journalist, were dispatched southwards.

Insurance companies are moving resolutely to erase this distinction between on and off balance sheet types of capital. They want to transform "contingent equity" to "real equity". They do this by insuring "total business risks" including business failures or a disappointing bottom line. Swiss Re has been issuing such policies in the last 3 years.

To those who are familiar with the literature of international Socialism it will be unnecessary to say that Plechanov was not the man to deprecate the importance of sound theory as a guide to the formulation of party policies. For many years he was rightly regarded as one of the greatest theoreticians of the movement.

By English statesmen at home, our continental interior was also chiefly prized for its forest trade, which yielded rich returns for the merchant adventurers of London. The policies of the English colonists and of their general government were ever clashing. The latter looked upon the Indian trade as an entering wedge; they thought of the West as a place for growth.