ABSTRACT
On the accession of President Roosevelt, although liquidation and defl ation had been pushed to the bitter end and a reaction was due, and although considerable mental readjustment had occurred everywhere, positive economic readjustment amounted to little more than the arresting of liquidation and defl ation in the countries that had suspended gold payments. The position in the United States of America remained catastrophic. Within two months the Roosevelt Administration has completely transformed the situation, not only in the United States, but also in the world as a whole. Moreover, the President inspires confi dence everywhere in his determination and ability to continue his big advance. The United States of America has taken the lead in the fi ght against the crisis; the leadership is good; and President Roosevelt is a he-man.
