“When England and France yielded to Germany in the Munich Agreement of last September, a significant change took place. The balance of power in Europe shifted from the democracies to the dictatorships… [and] the United States had to stop thinking of England and France as America’s ‘first line of defense’ in the time of a European war… And so today America is arming. Last Spring Congress passed a naval expansion bill authorizing an outlay of more than a billion dollars.”
