When he received that the German fleet had successfully arrived at the Falklands and began to break diplomatic relations, Roosevelt was speaking in Congress for the issuance of a special $50 billion Treasury bond. Pen ~ fun ~ Cabinet www.biquge.info the world war to this point, from the economic point of view, the United States is undoubtedly the first big loss, not only the pre-war investment and loans in Europe can not be recovered, but also the Lend-Lease materials provided to Britain and the Soviet Union are almost completely consumed, and the United States itself rearmament has also cost a huge price, the results achieved by Horikichi alone are worth several times the number and tonnage of the abandoned warships in the Washington Naval Armaments Treaty and the London Armaments Treaty.

In addition, almost all the investments in the Middle East, Africa, Southeast Asia, and even half of South America have been wasted -- this part of the explicit and potential losses is estimated to exceed $100 billion, and the Ministry of Finance has calculated that the cumulative losses in materials, expenses and capital of the government and the private sector may have reached $500 billion. Before the war (1940), the gross domestic product (GNP) of the United States was just over $200 billion, and even if inflation was taken into account, it was less than $250 billion, and $500 billion was equivalent to a year's loss of GNP for the great powers of Britain, France, Germany, the Soviet Union, Japan, and Italy.

Of course, if you really have to calculate, you can't say that it is a complete loss, at least the United States has built a strong army with a total of 10 million troops and modern equipment from scratch, and even the German side admits that the United States has a higher degree of mechanization, after all, the American young master soldiers never use their legs for a distance of more than 5 miles, and for any other country, infantry marching on foot is the most basic military requirement.

In order to finance the war, the United States not only raised the federal tax on high-income individuals to a sensational figure of more than 90 percent, but also the income tax rate of each enterprise exceeded 50 percent. Of course, the capitalists do not have such a high sense of patriotism, they have carefully calculated, and although the marginal tax rate has been raised, even such a tax system is still profitable because of the expansion of domestic demand and the credit support of the federal government. In order to reduce the tax base of income tax, capitalists have come up with a variety of tricks, such as expanding losses, accelerating depreciation, and raising financing rates.

If the domestic price index in the United States is 100 in 1940, it has reached 139 in 1944, which is equivalent to a 40% depreciation in 4 years, which seems shocking, but this is not the worst of the major belligerents, the price index in Japan soared to 234 in the same period, 198 in the United Kingdom, the Soviet Union because of price and currency controls, the numbers have always been distorted, observers believe that at least more than 300, the most exaggerated is China, based on 1937, By 1944, it had reached more than 900, or only one-tenth in seven years.

Even in Germany, a country that has suffered enough from inflation, and the head of state has repeatedly stated that it will not engage in over-issuance of currency, the real price index has reached nearly 150. In fact, it is easy for ordinary German people to find that although they have more marks, all the goods on the market have implemented strict material rationing control, and money alone cannot buy things, and to break through the rationing system to engage in additional materials, the price is all turned upside down.

Take the simplest gasoline as an example, usually before the war an average family car was equal to the price of 20 tons of gasoline, now two tons of gasoline can be exchanged for a car! When a Tiger and/or an Fw-190 burns 2-3 tons of fuel at every turn in a battle, and advances mightily, it is at the cost of almost all private cars in Western Europe! Now it's very simple to tell whether a person is a real big guy or a fake big guy, and see if his car can still drive!

Now that they know that inflation is an inevitable reality, the capitalists know what to do, and do everything possible to borrow money to expand production, and then repay the loan with the shrinking money. The essence of this is that the state uses the seigniorage right to impose excess taxes, and if you look at the stocks in the stock market, you can see that since the war in the United States, except for the attack on Pearl Harbor and the attack on New York, which caused the stock price to fall sharply for a few days, the rest of the time period has been rising.

However, even so, the United States has come to an end in its ordinary fiscal expenditures and the issuance of war bonds, and in order to continue to raise war capital in a short period of time, it is necessary to issue a special government bond of $50 billion. It was easy for Roosevelt to make a statement after his comeback that he would continue to fight and continue to assist the allies of Britain and the Soviet Union, but it was not easy to actually come up with something. The replenishment of military supplies and the appropriation of funds for the construction of warships may be able to obtain a credit period of 2-3 months, but it is impossible to rely on delayed payment for a long time to solve the problem, and there must be a systematic package solution.

The consortia (financiers) are obviously worried about this special treasury bond, because this treasury bond is issued in a directional manner, that is, when the US government procures materials, it will no longer pay for it, but will be paid in the form of bonds (white slips), and it is agreed that the white strips can be used to offset future federal taxes, can also be used to purchase assets and materials auctioned by the federal government, and of course, can also be used as a means of payment when trading with each other. Endorsement and discount transfers on exchanges are not impossible, but in order to prevent an impact on the existing bond system, it is agreed that such discount transfers will not exceed $5 billion per month.

In fact, the Roosevelt administration has always been known for its fiscal deficits, which relied on fiscal deficits to stabilize the situation during the Roosevelt New Deal, but when it first engaged in deficit finance, it was intended to wait for the economy to recover and slowly repay and reduce the relevant deficits. In the final analysis, it is because the Federal Reserve is not a purely official institution in the US government, otherwise there is no need to engage in such a complicated design, just start the money printing machine and get $50 billion out.

The concerns of the chaebols are not the figure of 50 billion and the means of repayment in the future, they can fully bear this amount, the key lies in the thinking of the United States in the follow-up war and the consideration of ending the war, if this kind of special national debt comes a few more times, the oligarchs will not be able to stand it.

“…… Some will say, why the United States to provide assistance? Shouldn't resisting German aggression be the business of the Britons or the Soviets themselves? Of course, this is right, it is indeed the duty of every country to resist aggression, but countries have big and small, national strength is high and low, we must treat it objectively, just like at the scene of a crime, a villain is forcibly ** a weak woman with weak ability to resist, this weak woman is still your friend, can we say next to us, 'Miss, it is your own business to resist this illegal behavior'?

What's more, this scoundrel is not only invading Great Britain, but also invading us and supporting its accomplice Japan in its aggression against us. Aren't the planes used by the Japanese made in Germany? Didn't the Japanese fleet rely on German bases in the Atlantic to attack? Could it be that there was no German army in the Indian invasion? Wasn't the tanks and artillery used by the Japanese army in Southeast Asia provided by the Germans? ”

Many people were amused by Roosevelt's playful metaphor, but a few oligarchs did not laugh, how easy is it to continue fighting with Germany? Their old friends in Europe, the oligarchs of the European consortium, have written and called to express their desire to mediate the war, so they have to ask Roosevelt where is the real bottom line? Of course, business is business, war is war, and there is also competition between the American consortium and the continental consortium.

"A lot of people have the notion that Germans and we are both Caucasians, and that there is no deep hatred, and that understanding should be possible. How is it possible to achieve an understanding with us that the person who said such a thing did not understand the political and aggressive ambitions of Hitler's gang, whose goal was to finally dominate the whole world? If you must be forgiven, he has long since retreated to the borders of 1939 or even 1941, and now the Germans occupy the Falkland Islands, cut off the east and west coasts of the United States, and extend the claws of aggression into South America......

If the Germans say that the conditions for reconciliation are premised on their occupation of all of Europe, Africa and the Middle East, oppressing hundreds of millions of free peoples, I would rather not have this evil reconciliation;

If the Germans say that the conditions for reconciliation are suitable for them to invade America and unscrupulously oppress our power, the rapprochement of such bastards the United States would rather not;

If the Germans say that the condition for reconciliation is that we give up all our allies, and they continue to maintain gangs of scoundrels, including Japan, Italy, etc., this vile rapprochement would rather not;

If the Germans say that the condition for reconciliation is that they continue to support Japan in continuing to fight with us with guns, aircraft, tanks and other equipment and various strategic materials, this shameless rapprochement of the United States would rather not ......"

Although Roosevelt said a series of don'ts, the oligarchs still heard Roosevelt's bottom line from his long speech:

1. The situation in South America has returned to before 1941, and the four major Dominions of the United Kingdom are under substantial control of the United States;

2. Germany does not interfere in the handling of the Japanese issue by the United States, and even if it must sell supplies, it must notify the American side;

3. Acquiescing to Germany's control of the European continent, but the British question could not be resolved by force, in exchange for which the United States promised not to use force to solve Peron's regime;

4. Middle East oil must give American capital a piece of the pie;

5. The European market is required to be partially opened to the United States, and in exchange, the Far East market will be reciprocal to Germany in the future.

After a brief exchange of views, a number of oligarchs, including Morgan, Rockefeller, and Ford, said: "We agreed to issue 50 billion special treasury bonds, and we will subscribe for most of them......"