The New Zealand Railways Magazine, Volume 5, Issue 8 (February 1, 1931)
Budgetitis Even In U.S
Budgetitis Even In U.S.
It seems to be only the other day when an overflowing United States Treasury was making refunds to taxpayers. Therefore the anticipation that the Federal Budget cannot be balanced comes as a shock. The British Minister for Dominions, Mr. J. H. Thomas, said on page 15 18th November that America was “up against it” as she had never been before, over-production having synchronised with under-consumption. He added: “Russia, India, and China, with 47 per cent. of the world's population, are separated from the rest of the world and are neither producers nor consumers.” Observe in this sentence the parallel with the Snowden idea. Sixty per cent. of the worlds’ gold is held by the United States and France, the former having 900 millions, France 400 millions—which fact, says Lord d'Abernon, may be among the main causes of the trade crisis.