April 29, 1933 - Editorial - Devaluing the Dollar, by George Lorimer
Mr. Bernard M. Baruch served his country in an important way during the war, but he served it no less truly when, in recent testimony before the Senate Finance Committee, he pointed out in plain language that no one will risk dollars which the government threatens to devaluate. "Business moves on faith in promises," he said, "and money itself is a promise." (pg. 20)
Comment: FDR, with the powers that Congress was unconstitutionally delegating to him during the publication of this editorial, was about to do just what Baruch was warning against, that being, devaluing the dollar. My research has shown that what FDR did retarded recovery from the depression and made it last much longer, but his skill as a propagandist charmed the people and enabled him to make it look like the blame for the lingering depression was not his, as we shall see. After all, to err is human, and FDR was human like all the other rulers of history.