World War II-dated TLS as president, one page, 6.75 x 7.5, White House letterhead, October 9, 1944. Letter to Pierre Jay (Federal Reserve Bank of New York chairman), in part: “I am afraid you have based a large part of what you write on what you have read in the newspapers—which does not happen to be true. I think the whole matter will require a good deal more careful study. There is obviously no ‘idea of turning German economy upside down and expecting it to work’ but that in itself will not prevent rearming and a third World War. I hope you will study some solution.” Double-matted and framed with a handsome portrait of Roosevelt to an overall size of 19 x 14.25. In fine condition.
Crippled by insufficient production and the relentless Allied bombings of cities and factories, Germany’s military economy collapsed in 1945. Having placed the issue of economic planning for post-war Germany in control of the Foreign Economic Administration, Roosevelt was promptly criticized by the press for his apparent backing of the Morgenthau plan, a memorandum designed to eliminate Germany’s ability to wage war by the removal or destruction of industries key to military strength. Although FDR was quoted as stating that ‘Every story that has come out is essentially untrue in basic facts,’ even Eleanor Roosevelt affirmed that she never heard her husband disagree with the basics of the plan; a proposal that was only partially implemented when civilian factories were dismantled for war reparation. Frank in its content, this insightful letter finds Roosevelt at a period of unique indecision. Pre-certified John Reznikoff/PSA/DNA.
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