Business: Economic Warfare: First Step

Last week the President took a long step toward economic warfare. When he froze the U.S. assets (and future financial transactions) of the 16 remaining unfrozen European countries (see p. 13), he did not merely lock the stable door too late. Though the big horse was gone, several ponies still fed in the U.S. stall. Dividends and patent royalties due Germans have been piling up in the U.S., providing dollars that could easily be used to finance the Gestapo in this Hemisphere as well as at home. Some of the newly frozen neutrals, notably Switzerland, have been financial servants of the...

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