Europe, and the rise of Germany as the sole Great Power in 
      Europe. It would mean the Mediterranean as a German-Italian lake; 
      Russia at the mercy of Germany and Japan; the division of the 
      British and French, Dutch and Belgian colonial empires between 
      Germany, Italy and Japan - with the latter holding an unassailable 
      position in East Asia and the Western Pacific.
 
      
 
 
The effects of such a victory upon the United States would 
      be:
 
      
 
 
1. About fifty percent of America's total export trade and 
      seventy-five percent of its foreign investment would be lost 
      or in the hands of potential enemies who would seek to use this 
      power to extract concessions from us.
 
      
 
 
2. The reduction of foreign trade and the tremendous burden 
      of necessary armament would severely depress the standard of 
      living in the United States and would require a radical alteration 
      in the American economic structure.
 
      
 
 
3. These conditions in turn would cause unrest and dissatisfaction 
      in the United States, creating a soil favorab1e to foreign ideologies. 
      Fascist and Communistic ideas would spread from Europe and Asia 
      to the Americas, resulting in a serious threat to the very democratic 
      institutions which we are arming to maintain.
 
      
 
 
4. Alone, the American navy would be unable to protect American 
      trade routes across the Pacific and Atlantic. Sources of essential 
      raw materials such as rubber and tin would be in hostile hands.
 
      
 
 
5. While the United States, with aid of a gigantic expansion 
      in armaments and a drastic alteration in its way of life, should 
      be able to defend North America from invasion, a simultaneous 
      attack