US. “BRAINS TRUST”

Hokitika Guardian, 16 September 1933, Page 6

US. “BRAINS TRUST”

making people spend, dollar CURRENCY. NOTES. ■WASHINGTON, September 9. ’■ • The •.•reason, why President Roosevelt ihns appointed Professor Ajrthur Da'h.l--:berg to' be head. of his “Brains Trusß’ in succession to Professor Moley, is »aid to be that Professor Dahlberg ha* a ;new idea. This is to issue currency notes of ,'a different colour for each month for forcing people to spend their money quickly .and so, cure all America’s economic ills.

v Professor Dahlberg is a- membe r of the Research Council, ■and Hi.s .new policy, it is claimed, spells the doom ,of every evil 'in the economic sys.tem r -depreSsion, hoarding, deficits, taxation and general misery. He proposes to make the people spend money iby taxing money—that is, by a tax on bank deposits and currency. ./ The professor suggests issuing «. new batch of currency each month, the currency of the preceding month to be worth less at the-banks and stores.

By changing the colours of the dollar ..notes storekeepers will know’ whether they are.worth 98 cents or 89. If, the ’note is old and frayed it may be worth only 50 cepts. '. A lengthy, report submitted by Professor Dahlberg to M r Roosevelt cHnis the same result for his plan as a.shortenving of hours. It. \|rill force huge incomes ,lint& he says,, and divert them,,to those ..willing' to spend, " “I expect a little, opposition to rny plan,’’ says the professor. “It cak'hes economic experts 'and reactionaries napping. I can- think of no reasonable argument against, it;’’ Mr Roosevelt made it. clear that he intended to back Mr Cordell Hull, Secretary of State, after the world par.