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 result from grants of aid or credits.

These are the simple propositions governing economic policy. These are hard truths and not pleasant to hear but they are no more inexorable than the facts themselves.

The problem cannot be met by any form of monetary miracle or fiscal policy alone. They can be met only by increased production at less cost, sound fiscal and monetary policies, increased exports and a continued domestic self-denial.

In Conclusion

Finally I urge every Japanese citizen to understand and remember these simple facts:

First: The hundreds of millions of dollars of aid received each year by Japan from the United States comes from the taxes imposed on business enterprises of the United States. In turn these taxes have been paid from the wages of American workers and the American citizen does not like to pay taxes any more than does the Japanese citizen.

Second: These dollars, or their equivalent in good being received by Japan (which are so necessary right now to its economic life and rehabilitation) actually are only a temporary substitute for and supplement to the production and exports which Japan must provide for itself. Japan has met the requirements of its own livelihood and progress in the past and must prepare to do so again, as quickly as possible.