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what 1 believe to be a mistake.-v convicfion that the purchasing power of . the dollar will decline ..Amber."
(In other words, although Mr. Anderson does not think they are guessing correctly, the "smart” inscstois are betting on continued innat.cn and continued devaluation .,i the dollar.)
That we are on a borrowing spree'is undeniable. Mr. Anderson id this : '
“The rise fh interest rateF since .lie end or \\ orld War II has resulted primarily from unprecedented demands for credit on the parr of individuals, businesses and State and local government units. In addition, the Federal debt has expanded, rather than contracting as it did during the prosperity of the WcO's. A major tactor contributing to the rise in interest rate> since last summer has been the record peacetime Federal budge, deficit of approximately $13 biliion.”
In a time during which some economic barometers are registering record prosperity, we are plagued -rt.th a sharp upswing in debt levels and necessity to consider new devices by which Uncle Sam can hold his own irf the borrowing market. The reasons are being recited by the economists and money managers, but there is little disposition to come to grips witth the major cause behind the reasons—the inflationary force of excessive federal spending, manifesting a perference for self-indulgence and deficits to self-denial and realisticallybalanced budgets.
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