THE UNITED STATES.

Matamata Record, Volume XVI, Issue 1446, 31 July 1933, Page 5

THE UNITED STATES.

MASTERY OF MONEY.

Views of Russian Leader.

The United States will emerge from the present crisis more the master of world capital than ever, believes Mr Leon Trotsky, exiled Russian revolutionary leader, but he foresees no happy world for the master to command (says an Associated Press dispatch from Istanbul to American newspapers) .

“Briefly, I can say that since 1917 I often affirmed that world capital would develop into the increasing hegemony of the United States, especially under the hegemony of the dollar over the British sterling. American capitalism’s four years’ crisis and especially the bank crises of 1931 and 1933, though important in themselves, do not check American capital’s increasing hegemony, but rather are part of that increase.

“America’s excessive and precipitate growth gave the country’s economic structure a mixed character —inheritances from the backwoods state, with the mingling of human strength's greatest conquests. The banking system especially evinces this contradio tlon.

“American capital became a world factor nevertheless, and it still leans in a scattered system of provincial banks, recalling the epoch of ‘Uncle Tom’s Cabin.’ When the organism weakens from lack of nourishment, all its faults and sickness come to the surface.

“When America’s economic organism weakened under the world crisis influence, the obsolete character of its banking system was sharply revealed. The result of the two bank crises will undoubtedly he a grandiose centralisation of the banking system ultimately, merely reinforcing United States financial hegemony.

“American hegemony’s future, inevitable growth will signify nothing but this —the penetration of all our planet’s contradictions and diseases into American capital foundations.