FDR: “In other words, whatever goes out must be balanced by an equivalent amount coming in.”

We are absolutely un changed in our policy of two years ago, for immediate Filipino independence.

It is not really of any great importance.

By virtue of the authority vested in me by the Constitution and the statutes of the United States, it is hereby ordered as follows:

It seems obvious that we will be more or less responsible for security in all the Pacific waters.