WORLD DEPRESSION

Wanganui Chronicle, Volume 76, Issue 108, 10 May 1933, Page 8

WORLD DEPRESSION

QUESTION OF BLAME. PRESIDENT ROOSEVELT’S VIEW. “BEGAN IN UNITED STATES.” NEW YORK, April 12. President Roosevelt’s book, “ Looking Forward.” lately published, lays the blame for the world depression squarely on the United States. “The records of the civilised nations of the world.” Mr. * Roosevelt says, “prove two facts: —First, that the economic structure of other nations was affected by our own tide of speculation, and the curtailment of ourlending helped bring on their distress; second, that the bubble burst first in the land of its origin—the United States. The major collapse abroad followed; it was not simultaneous with ours. Moreover, further curtailment of our loans, plus the continual stagnation caused by the high tariff, continued the depression throughout international commerce.” Enunciating his policy of ‘“sound money,” the President delivers a sharp attack, on th e domination of industry bv Wall Street and “high finance.” He says: “The day of the great promoter or financial Titan, to whom we granted everything if only he "would build or develop, is over. I believe that the Government, without "becoming a prying bureaucracy, can act as a check or counterbalance of this oligarchy, so as to secure initiative, life, a chance to work and the safety of savings. to men and women, rather than safety of exploitation to the exploiters, safety of manipulation to the financial manipulators, safety of unlicensed power to those who would speculate to the bitter end with the welfare and property of other people.” Throughout the book one sees the expression of an inflexible determination to grapple with the financial octopus. It will cause some of the Wall Street manipulators no end of concern. “I believe,” says the President, “that the individual should have full liberty of action to make the most of himself: but I do not believe that, m the name of the sacred, word individualism. a few powerful interests should be permitted to make industrial cannou fodder of the lives of half the population of the United State.” Mr. Roosevelt sharply criticises his predecessor, Mr. Hoover, for ‘ ‘ excusing” the depression and blaming it on “events from abroad, which are beyond the control of either our citizens 01 our Government.” Mr. Roosevelt says the depression began in the United States and spread to the rest of the world, and should have been tackled at the source.