The Age of Magic Money
Can Endless Spending Prevent Economic Calamity?
THIS has been a year of hope deferred, of tragedy, of the most acute danger this nation has ever faced, a year of great defeats and great victories, a year in which the United States has found its soul, mustered its strength, organized its armies, and commenced its long, hard forward march to victory. It has been a year of crisis, but of crisis met, endured and passed. It has seen, probably, the turning point of the war.
This can be said because during the past summer and fall the enemy was held in check within the bounds of Europe and within the limits of the Western Pacific. As Churchill wisely warned, the American offensive in the Solomons and the Anglo-American campaigns in North Africa are not the beginning of the end; but they may mark, as he said, "the end of the beginning." Slowly but surely the strategic initiative