Changes

[[I. F. Stone]] in ''[[The Nation]]'' magazine, reported on the State Department's handling of the embargo in the October 5, 1940 issue,   

[[I. F. Stone]] in ''[[The Nation]]'' magazine, reported on the State Department's handling of the embargo in the October 5, 1940 issue,   

:"Within the department, over the objections of a more farsighted minority, the experts made a joke of the discourses by protecting the profits accruing to American business from the aggressions we were so nobly denouncing."  The trade "treaty expired in January of this year, but it was not until July that an 'embargo' on oil and scrap was announced . . . . The details were left to the State Department experts . When the regulations were promulgated it was found that the only scrap `embargoed' " was one little used of the 75 varieties of iron and steel scrap, and "the only petroleum 'embargoed' was aviation gas". Stone continued, "the 'embargo' itself was only a system of licensing. It is now revealed that few if any licenses were denied under these regulations . . . . The Japanese, with about a year's supply on hand, do not need our scrap as much as they did, and the scrap industry, with a defense boom in the offing, does not need Japanese orders . The big steel companies cannot oppose an embargo on scrap by claiming that we have an over-supply of steel and at the same time ask for a higher price for steel on the ground of a shortage . . . . Both big steel and the scrap industry have accepted the embargo with a curious equanimity. This may be the result of a new sense of patriotism or it may be something else." (I.F. Stone, ''The Nation'', October 5 , 1940).

:"Within the department, over the objections of a more farsighted minority, the experts made a joke of the discourses by protecting the profits accruing to American business from the aggressions we were so nobly denouncing."  The trade "treaty expired in January of this year, but it was not until July that an 'embargo' on oil and scrap was announced . . . . The details were left to the State Department experts . When the regulations were promulgated it was found that the only scrap 'embargoed' " was one little used of the 75 varieties of iron and steel scrap, and "the only petroleum 'embargoed' was aviation gas". Stone continued, "the 'embargo' itself was only a system of licensing. It is now revealed that few if any licenses were denied under these regulations . . . . The Japanese, with about a year's supply on hand, do not need our scrap as much as they did, and the scrap industry, with a defense boom in the offing, does not need Japanese orders . The big steel companies cannot oppose an embargo on scrap by claiming that we have an over-supply of steel and at the same time ask for a higher price for steel on the ground of a shortage . . . . Both big steel and the scrap industry have accepted the embargo with a curious equanimity. This may be the result of a new sense of patriotism or it may be something else." (I.F. Stone, ''The Nation'', October 5 , 1940).

==Second Sino-Japanese War==

==Second Sino-Japanese War==