"Increased taxes sounds easy but it isn't. . . . The turnip is dry. The Administration has only two real alternatives—to cut spending or to print money. If the price of Government bonds should take a serious nose dive, we would have a new bank holiday-or else. The assets of banks, trusts and insurance companies are loaded with them. The Government would almost certainly be forced to make them redeemable at par—in paper money—the ultimate spilling of the beans. The President is no fiat money man. That leaves only reduced spending. But isn't...

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