Regional President Speech

wmrg a«iap g wt&mi Introduction 1* Induftry and fin&nc« in tin oX mur 2« Imediat# po*t-mr pro«p*cta 3« tho aconomic poaaibilltiea of our grandchildrsn I* Induatry and finano* in H jm of lar 1. In phjrsiaal U n « J l r ^ Q++À w—fcA. /"fit*---» CTT»>' Indurtri&l production for w* and for ^ étrillai!« ltt£ SkÜÀiÊA jlu: ' 1932 58 5« 0 1935-1939 100 100 0 I July 1939 106 — — ; Julj 1940 123 —» — gdÿ-1913 239 72 1A7 •s.’Sfia- >» « K — ft~«r In nwltty W r u Ba&lcMÜL Ijmqm nd flwinwrt finioot 4 b blUJUMM of d o U m fldiril Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis - 2 - fh# aehlaYament of balanea A« Physical factor* art baaic. Finance aust adjust itaolf• a. Tax «a and loan* out of currant iifooaa b* Bazik purchase* B. Th* daoialon la up to us - our action* *¿0 - ¿I*'*' S e » >jr3r Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis - 3 - JI. Iamadiata Foßt-war Prospscta 1« Sob# proopact» that ara reasonably oartain A. Taxation Parmanantly higher laral Pra-war axpandituraa $4-6 bUliop Port-war intarart oharga alona ¿4-6 bil. Armad força* - 2 million Ban B# Prioa» Probably highar than in tha 1930*■ Dapoait structura C. Fort-war daaand Dsitored daaand will ba larga. Curraney in circulation up from ♦5 V> |19 billion DtpMlta lar brads Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 0 tv í-6- . f*—- u $r+t fJU ^U '/S ¿ -M /,3o+ fk&bJ» ¿^¥J -- S±o hJU 0 íA*4*4**4,AA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis - 4 - 2« Post-war goal A. In gaoaral a high lavai of productiva «■ployment 0» In quantitativa tarma Civilian Armad Taar Äployad UnMpXoyad labor farsa forcti 1932 50.9 37.3 .3 13.6 1939 54.6 44.2 •4 10.4 1942 54.5 51.9 4*2 2.6 19461 57.5 55.5 1.9 2.0 3* 1 wr rar au* a paaoa eoonooy ▲ quaatloc of aarfcata In «art Qovarrraant buya In paacai Who will bu/ «hat? 4« Production craataa aarfcata 1. 0*oaral analyala B* Tba "hita^*! tha individual — plnyar ▼arma all amployars Tha ahaJLlaoga Hi* fha looiMsla Foaalbi litiaa of our Oraadohildran 1« fhy <l*miaa A* Wba% mo m fighting fort 2« Invention and par nan-»bou? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis - 5 - ▲. The fact« Output per aan-hour (In 1939 $) |3 in 1923 *nd almost U in 1943 J% compounded in Industry 1.2JÉ compounded in agriculture B* The explanation a* Invention is a ooe-vay movement Variations — nog industrie« b. A mi ixrreatloas the dlsoovery of latent abilities 3* Our grandchildren in 1983 A« If output per men-howr éeuhlee m y SO years» our grandehildrea** eptloms «111 be a* leal lnoomss 4 times Mrs b* leal in oomes 2 times o«rs plus a 20-fcoor week c. Same areal ineoms as ours on a 10-hour veefc B* VU1 there be eagr probl— st a* WbMI to do «Uh leisure 9* «he pert of tbs federal fteeerve tystsm Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Karl R. Bopp (1943, November 9). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19431110_karl_r_bopp

@misc{wtfs_regional_speeche_19431110_karl_r_bopp,
  author = {Karl R. Bopp},
  title = {Regional President Speech},
  year = {1943},
  month = {Nov},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19431110_karl_r_bopp},
  note = {Retrieved via When the Fed Speaks corpus}
}