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have to. The industries could no longer operate. Not only could they get no capital, they couldn't get any orders. They couldn't re-produce themselves. They couldn't build capital out of their sales receipts, because they didn't have any sales or any receipts. They had no markets.

I think that people sitting here in 1953 can hardly imagine how very desperate the situation was among the industrialists. The industrialists would have gone into a total social revolution if we had let them. They would have given up without a struggle.

There wasn't a trace of communism taking over the nation even in this desperate time. Walter Duranty called on me that winter, sometime between the 1st of January and the 1st of March. He was just back from Russia. He had just written on Russia and was supposed to be the great literary expert on Russia. He came in to see me. We had a long talk. Then he said to me, “I'd like to have you tell me something. I've been all over your country. I've been all over your state here. Why is it that there is no revolution in the United States of America? You are in the direst poverty here. People are suffering. There is no work. The leadership of the industrialists has failed. Your top-level brains in your productive economy are bankrupt. Why is there no revolution?”