|
|
We have a very useful trade agreement with Russia. Russia is the natural trade partner for highly developed industrial states. We are of the opinion that, by supplying us with raw materials in exchange for finished German products, Russia will in the future stimulate her own economic development even more than hitherto. The extent to which we trade with the United States of America depends entirely on the Americans themselves. Of course, so long as they discriminate against German goods, such trade is problematical and so long as they adhere to dogma for its own sake our trading with the United States will always come up against difficulties. But if the United States wants to assist in restoring cohesion to world economy, she must abandon her erroneous idea that she can be at the same time the greatest creditor and the greatest exporter. These two things cannot be brought down to a common denominator, because it is impossible for a great creditor nation to encourage exports in every way and systematically obstruct imports. What the Americans will eventually do with their gold, we are not in a position to say. The gold problem is first and foremost a problem for the Unites States of America. In future gold will cease to be the basis for European currency, because the currency will be independent of gold and will depend on the value given to it by the state, or in this case by the state-controlled economic system. The clearing system described above makes gold superfluous for currency and payment purposes within the clearing area. It is a somewhat different question whether gold is to be considered a suitable means of settling the balances not subject to clearing, that is to say for free trade and payments; but we shall never pursue a currency policy which makes us in any way dependent on gold, because we cannot tie ourselves to a medium of exchange the value of which we are not in position to determine. If the Americans wished to rid themselves of their gold, which at present lies idle in the cellars of Fort Knox, bearing no interest, they could revalue the dollar, which naturally would involve the American economy in considerable difficulties. But then gold would flow out of America, that is, there would be a ready market in America and thus a flow of goods to America would be set in motion. But this question will depend on the extent to which American domestic policy will permit the carrying through of such measures. Moreover, if all the gold which lies
|
