"We have been attempting to relieve ourselves and the other nations from the old theory of competitive armaments. In spite of all the arguments in favor of great military forces, no nation ever had an army large enough to guarantee it against attack in time of peace or to insure its victory in time of war. No nation ever will. Peace and security are more likely to result from fair and honorable dealings, and mutual agreements for a limitation of armaments among nations, than by any attempt at competition in squadrons and battalions. No doubt this country could, if it wished to spend more money, make a better military force, but that is only part of the problem which confronts our Government. The real question is whether spending more money to make a better military force would really make a better country. I would be the last to disparage the military art. It is an honorable and patriotic calling of the highest rank. But I can see no merit in any unnecessary expenditure of money to hire men to build fleets and carry muskets when international relations and agreements permit the turning of such resources into the making of good roads, the building of better homes, the promotion of education, and all the other arts of peace which minister to the advancement of human welfare. Happily, the position of our country is such among the other nations of the world that we have been and shall be warranted in proceeding in this direction."
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"This is not a book on economics or economic theory. I am not an economist. My expertise lies in international finance and money systems. This is why I have adopted here a whole systems approach to mon…"
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