I venture the view that at the present time we are a creditor nation on paper only. If we really are. it is exceedingly doubtful whether we can ever collect. But assuming that we can stand this loss of $2.000.000.000 in the exchange of goods. can we in addition stand the further loss of millions of dollars which our tourists expend abroad every year. which we pay out to foreign shipping countries for their freight services to us. in our immigrant remittances. and so on? I seriously question that we can. Again. if these losses were not sufficient to break down our possibilities of prospering. what about the more serious question of labor displacement which results when we import goods which we make or grow ourselves?
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immigrant