Together with Harry Dexter White, Assistant Secretary of the Treasury, and V. Frank Coe, Director of the Treasury's Division of Monetary Research, Adler strongly opposed a gold loan program of $200 million to help the Chinese Nationalists control the inflation that took hold in unoccupied China during World War II. Between 1943 and 1945, prices rose more than 1,000% per year, weakening the Nationalist government. The inflation helped the Communists eventually come to power in China, and in later years White, Coe, and Adler were accused of having deliberately fostered inflation by obstructing the stabilization loan.