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Bese#
by crime,
campus
riots, strikes, inllation, recession,
and
the agony
of
nine years
of
Vietnam,
most
Americans
are
utterly
unaware of
a global battle
now under
way
which they could be losing by default.
by
Gene H. Hogberg and Garner Ted A rmstrong
W
ithin and without, the awe–
some American economy is
facing serious challenges.
Internally, thc "inflationary recession"
continues - although leading econo–
mists assure us that the recession is still
relatively mild and will not develop
into a major downturn. Measures to
combat inflation, they say, are finally
beginning to take hold.
Extecnally, foreign bankers and econo–
mists are exprcssing doubts about
America's economic future. Continued
inflation and balance-of-payments defi–
cits, year after ycar, are eroding con–
fidence in the power of the dollar as
the pivota! intcrnational currency.
To sorne worried West Europeans,
the major U. S. "export" today is infla–
tion - and an inflationary psychology.
Where is the United States going -
or drifting? Americans don't know.
Foreigners don't know. Said one Euro–
pean delegate to a recent Organization
for Economic Cooperation and Develop–
ment meeting:
"Frankly, we don't know where the
U. S. is heading. . . . They [govern–
mental leaders] haven't done what had
to be done when it had to be done, and
thc situation has been dragging for a
long time."
And Now- Trade War
On top of all this is the growing
threat of worldwide trade war.
In fact, the first warning shots of a
vast, three-cornered trade battle have
already been fired. The trouble is, few
have heard the voUey of shots.
Charges and countercharges of pro–
tectionism, discrimination and bad faith
are hurtling back and forth across both
the Atlantic and the Pacific.
The United States is growing increas–
ingly impati¡;nt with Japanese restric–
tions on U. S. investments, and Common
Market barriers to profitable U. S. farro
exports. In turn, officials in Tokyo and
Brussels (Common Market headguar–
ters) warn of severe reprisals if
Washington attempts, tbrough new
laws, to curb the rising tide of imports
into the United States.
Since e.arly 1955,
The
PLAIN TRUTH
has repeatedly warned of the spectcr of
worldwide trade war. Backed up with
facts and predictions from leading news
sources, we have showed time and again
what was bound to happen to the
United States and Great Britain if our
largely apathetic peoples didn't face up