"Whatever the outcome of the war, America has embarked upon a career of imperialism, both in world affairs and in every other aspect of her life...Even though, by our aid, England should emerge from this struggle without defeat, she will be so impoverished economically and crippled in prestige that it is improbable she will be able to resume or maintain the dominant position in world affairs which she has occupied so long. At best, England will become a junior partner in a new Anglo-Saxon imperialism, in which the economic resources and the military and naval strength of the United States will be the center of gravity. Southward in our hemisphere and westward in the Pacific the path of empire takes its way, and in modern terms of economic power as well as political prestige, the sceptre passes to the United States. All this is what lies beneath the phrase 'national defense'--some of it deeply hidden, some of it very near the surface and soon to emerge to challenge us."
(From a speech by Virgil Jordan, president of the National Industrial Conference Board, to the Convention of the Investment Bankers Association, Dec. 10, 1940)