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the total private American foreign long term investments, 
      it seems probable that the United States would lose all its investments 
      in Europe, China, Africa and eventually Latin America. Even the 
      Canadian tranche would greatly depreciate in value in consequence 
      of the impoverishment of the mother country and the possible 
      preponderant influence of the totalitarian states in the remainder 
      of the Empire.
 
      The dislocation in the American economy and the necessary heavy 
      armament expenses would so a1ter the balance of economic forces 
      in the United States as to require a regimented industrial order 
      under Government control. Such centralization would tend to reproduce, 
      possibly under other names, the basic features of the Fascist 
      state: to fight totalitarianism we would have to adopt totalitarian 
      methods.
 
      
 
 
4.Ideological Effects
 
      
 
 
The defeat of Britain and her allies would mean a tremendous 
      impetus for totalitarianism in all those states which would fall 
      under the domination of the victors.
 
      In all probability, political upheavals in Britain and France, 
      as a consequence of defeat, would