EST. 1903 - Presenting global influential leaders from business, labour, education & government through events
Hoffman, Paul Gray
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A sharing of the speaker's worries about the United States, justified by the interdependence of the economies of Canada and the U.S. The understatement that 1948 is a year of great crisis. The need to determine methods for the control of inflation, the manner in which our foreign aid programme should be administered, and the measures needed to bring greater stability to the economy. Such methods and manners starting down the road to enduring prosperity and peace, or detouring us into the quicksands of depression of war. The Kremlin eagerly awaiting news of the collapse of our economies. The fact that we are concerned and worried the greatest cause for optimism on the North American Continent today. A closer examination of the problem of inflation, and the three great inflations in North American history. An agreed need for increased productivity and to avoid interruptions in production; for a sharp curtailment in governmental expenditures; for a promotion of all types of savings, including, perhaps, particularly savings in government bonds. A divergence of view as to whether consumer rationing and wage and price controls should be reimposed, and what to do about the control of bank credits. The speaker's conviction that such reimposition would bring disappointing and perhaps disastrous results. The need to distinguish between the responsibilities of government to help stabilize the general price level and the impossibility of government in peacetime, from the standpoint of establishing price relationships to specific prices. Possible repercussions of such a policy. A discussion of the control of credit and the different situations in Canada and the U.S. A better control of the volume of bank credit to fight inflation. The need for a food conservation programme to bring food prices down. Seeing responsible action on the part of industry in the United States in so far as pricing policies are concerned. Examples of restraint in the automobile industry. Worry about the European Aid programme. Distorted views of both proponents and opponents of the Marshall Plan for Foreign Aid. The speaker's belief that the key to the salvation of Europe rests in a sharp step-up in European production by the European people. "Only the European people can save Europe." Facing the question as to whether the degree of aid we can wisely and safely send will result in such a step-up. Some facts and figures with regard to this issue. A third worry about the survival in the world of the type of economic system that has developed in Canada and the United States. Consequences of a shift from a free to a planned economy in the United States for Canada. Defense of the United States' economic system: arguments in favour of capitalism as against statism, and of speeches and advertisements proclaiming the accomplishments of capitalism. Questioning the wisdom of spending much time or money on arguing on behalf of capitalism as an economic theory. A belief in competition in Canada and the U.S. Competition as the life of trade. The lack of belief in competition in Europe. A suggestion to concentrate on an advocacy of our particular brand of Capitalism. Ensuring the maintenance of our system by searching out its weaknesses and taking prompt action to correct them. Instability as our system's greatest weakness. Contending with the boom-bust cycle. Reasons for the instability. The need for people to be willing to spend money. The amount of money available for spending beyond basic needs. The overlay of optional buying power, the postponable buying power as the basis of our instability. Seeking the kind of programme that will yield dynamic stability. Looking at past depressions and their causes. Suggested measures for adoption by the United States to make the economy stable, and at the same time keep it prosperous. Four recommendations that are examples of the type of measures which should be brought into play to give us dynamic stability. Examples of others which hold much promise but upon which further study is needed. Greater stability in proper management of the huge public debt. The tough task ahead of keeping Canada and the United States strong and free, and assisting Europe in getting back on her feet. The hope for a result that will ensure a free world and that the atomic age we are entering will become the golden age about which men have dreamed through the centuries.