In 1942 U.S. business captured a new strategic position in America. For in 1942 business on its production record proved that it is the real Paul Bunyan of American life. Monetary theorists might attribute the vast upsurge of military output from an annual rate of $24 to over $70 billions just to increased Government "spending." But all the billions which the Treasury poured out would have been only fluttering banknotes had it not been for the fundamental strength of U.S. industry. Not dollars, but tanks, guns, planes and, above all, ships and the means...
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