It is these few who are still dreaming of that fivebilliondollar export velvet. It is amazing they do not realize that the way this colossal trade was conducted was not a healthy state of affairs for the Nation. These exports minimize our enormous chronic deficit in our international operations. it is conceded. but not sufficiently to offset our folly in flooding the world with billions of dollars (exclusive of loans) in our tourist expenditures. our immigrant remittances. the charges we had to pay for foreign shipping services. and other items entering into the financial aspect of our international relations. We wasted these staggering sums of money because of an abysmal ignorance in international dealings. and thus brought on the present hardships and sufferings of our people. Even American enterprises which have an export demand of considerable proportions.- but which are also subjected to the competition. in the United States. of foreign products by virtue of the reciprocal treaties. find the net outcome to them -very baneful in price losses and employment.
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