TOPICS OF THE DAY
The Gold Puzzle The proposal by Senator J. Elmer Thomas to solve the United States’ gold problem by lending the gold abroad again indicates the pressing need for some sort of solution for the gold problem. To lend the gold abroad, as Senator Thomas suggests, through the ExportImport Bank, is merely to transform the gold problem into a new foreign debt problem, and the more effective the loans would be in cutting down the American excess of gold the more effective they would be in reviving a payment problem like that of the old war debts. The United States contains some two-thirds of the world’sgold. The war with its flow of gold for purchases aggravates the problem. That when America has still more of the metal Europe may simply abandon it as a standard is more than an idle guess. Lost to the rest of the world. the hoarded gold in Kentucky may prove oi little use to America.
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Bibliographic details
Waikato Times, Volume 127, Issue 21155, 3 July 1940, Page 6
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163TOPICS OF THE DAY Waikato Times, Volume 127, Issue 21155, 3 July 1940, Page 6
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