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The principle of an independent American force, however, Pershing insisted upon, and he made clear that the amalgamation of our troops with the French and British was merely a temporary expedient. Immediately after the stabilization of the battle-line near Amiens, the Germans began their second great drive, this time against the British along the Lys, in Flanders.
This should apply to necessities only; and will require public funds to carry out. It will cost in appropriations about one percent of the present annual cost of the war. Early reenactment of the stabilization statute of October, 1942. This expires June 30, 1944, and if it is not extended well in advance, the country might just as well expect price chaos by summer.
The organization of these institutions will undoubtedly take some time, and it is unlikely that their operations will reach any appreciable scale before the beginning of the fiscal year 1947. Of the 2,750 million dollars required for the fund, 1,800 million dollars will be provided in cash or notes from the exchange stabilization fund established under the Gold Reserve Act of 1934.
One very important result is the stabilization of foreign currency, making exchange assist rather than embarrass our trade.
Complete reports of what is required will undoubtedly be available early in the session. The Congress in its last session authorized the general improvements necessary to provide the Mississippi waterway system with better transportation. Stabilization of the levels of the Great Lakes and their opening to the sea by an effective shipway remain to be considered.
STABILITY AND STABILIZATION. These terms constantly appear in describing machines and their operations. If the flying structure, whatever it may be, has means whereby it is kept from rocking from side to side, it has stability, which is usually designated as lateral stability. The mechanism for doing this is called a stabilizer.
Careful investigation and constant study prove that in the matter of foreign exchange rates certain of our sister Nations find themselves so handicapped by internal and other conditions that they feel unable at this time to enter into stabilization discussion based on permanent and world-wide objectives.
The present system will drop out because it will have no reason for being. The process will have to be a gradual one. The start toward the stabilization of his own affairs may be made by any one.
This possibility of a deflationary spiral in the future will exist unless we now plan and adopt an effective full employment program. During the war, production for civilian use was limited by war needs and available manpower. Economic stabilization required measures, to spread limited supplies equitably by rationing, price controls, increased taxes, savings bond campaigns, and credit controls.
This should apply to necessities only; and will require public funds to carry out. It will cost in appropriations about one percent of the present annual cost of the war. Early reenactment of the stabilization statute of October, 1942. This expires June 30, 1944, and if it is not extended well in advance, the country might just as well expect price chaos by summer.
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