What This Depression Is Doing to Our Moral Standards October 25, 1931
“Big business has more brains than the politicians and appears more likely than they to arrive at the international agreement necessary for the restoration of prosperity.
“Germany is the most dangerous spot in Europe, and there is always the chance Germans will call on Russia to help them. Then you will get another universal change scrimmage.
“If I were in power I would disband the army and navy, thereby affecting a much large economy without anybody being worse off. I would risk disarmament in one country without waiting for the others to follow on the grounds that the country would be much safer without an army and navy.
“If you haven’t got an army nobody will have any reason for attacking you. Denmark, without an armed force, is safer from war at present than any other nation. Nobody would bother to fight them because there wouldn’t be any point to it. Nowadays when nations fight, the result is almost equally disastrous whether they win or lose. However, the attempt to disarm by agreement is not likely to succeed in any very near future. I would disarm and wait for the rest to follow.”