From A Strictly Economic Point Of View,

There Is A Strange Idea Aboard, Held By All Monetary Cranks, That Credit Is Something A Banker Gives To A Man. Credit, On The Contrary, Is Something A Man Already Has. He Has It, Perhaps, Because He Already Has Marketable Assets Of A Greater Cash Value Than The Loan For Which He Is Asking. Or He Has It Because His Character And Past Record Have Earned It. He Brings It Into The Bank With Him. That Is Why The Banker Makes Him The Loan.

Government-to-government Aid Rests On Socialistic Assumptions And Promotes Socialism And Stagnation, Whereas Private Foreign Investment Rest On Capitalist Assumptions And Promotes Private Enterprise And Maximum Economic Growth.

Once The Premise Is Accepted That Poverty Is Never The Fault Of The Poor But The Fault Of 'society,' Or Of 'the Capitalist System, Then There Is No Definable Limit To Be Set On Relief, And The Politicians Who Want To Be Elected Or Reelected Will Compete With Each Other In Proposing New 'welfare' Programs To Fill Some Hitherto 'unmet Need.'

Everywhere The Means Is Erected Into The End, And The End Itself Is Forgotten.

There Are Millions Receiving Government Payments Who Have Come To Consider Them As An Earned Right, Who Of Course Find Them Inadequate, And Who Are Outraged At The Slightest Suggestion Of A Critical Re-examination Of The Subject. The Political Pressure For Constant Extension And Increase Of These Benefits Is Almost Irresistible.