Soviet propaganda had stepped up the pace of its proof that a depression in the U.S. is just around the corner. With a little imagination, Russian newspaper readers could already see the nefarious U.S. capitalists selling apples on drafty street corners. Among Russia's bigwigs only 70-year-old Eugene Varga, once considered the Soviet Union's foremost economist, did not join the chorus that was sending the U.S. to the wringer.
Three years ago Hungarian-born Eugene Varga wrote a book which, although violently hostile towards America and Britain, held that there was no likelihood of a depression in the Western countries before 1955....
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