"Personally, I do not believe that we shall have greater armaments in the future than we have had in the past. On the contrary, I believe there will be a gradual diminution in this respect."

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We wake up to find the whole world building competitive trade barriers, just as we found it a few years ago building competitive armaments. We are trying to reduce armaments to preserve the world's solvency. We shall have to reduce competitive trade barriers to preserve the world's sanity. As between the two, trade barriers are more destructive than armaments and more threatening to the peace of the world.

— Owen D. Young