British aristocrat and fascist politician (1896–1980)
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Living financially and economically on American charity, selling up the house to the Yanks when he won't pay any more charity out. Are you content to be occupied and protected by American aeroplanes? Are you content to be in the position of an old woman, jipped by her young relations? You who were the greatest power on earth fifty years ago, and still can be! Why do I say, 'you still can be'? Because, my friends, I know you, I know the British people! I know that twice in my lifetime in the world war I fought in, in the world war the younger men fought in. We the British have put our effort, our energy of valor, of heroism, unequalled in the history of mankind.
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A fight between several parties of the British people: Nothing of the kind! A fight between two or three big money combines, that and nothing else. Without the weight of money behind the party machines, in an electoral battle today determined purely by principle and by the number of active workers...British Union could fight and beat today the old parties over the whole electoral field. But you know and I know, the battle is nothing of the kind. The battle is between big money combines who spend a thousand pounds or more on every constituency they fight. Or when they speak democracy, they don't mean government by the people...they mean financial democracy, in which money counts and nothing but money.
Feudalism worked in its crude and inequitable fashion until the coming of the Industrial Age. Today the Feudal tradition and its adherents are broken as a political power and in most cases are ignobly lending their prestige and their abilities to the support of the predatory plutocracy which has gained complete control of the Conservative Party. In modern times the old regime is confronted with two alternatives. The first is to serve the new world in a great attempt to bring order out of chaos and beauty out of squalor. The other alternative is to become flunkeys of the bourgeoisie. It is a matter of constant surprise and regret that many of my class have chosen the latter course.
The declared object of deflation was the restoration of the gold standard at pre-war parity. Its actual effect has been to create unemployment by the restriction of industrial credit. By the lever of unemployment it has forced down wages and has thus facilitated the return to gold through the reduction of prices. An incidental effect has been to transfer purchasing power from the workers, whose wages have been reduced, to the bondholders, whose interest has remained the same. It has also doubled the real burden of Debt since 1920, and was largely responsible for the mining lock-out last year, by the reduction in terms of sterling of the money which we receive for coal sold abroad. Deflation, in fact, has been responsible for a sinister catalogue of disasters which can be substantiated in detailed argument that has never yet been rebutted.
The ranks of the City are now divided. The advanced section, headed by Mr McKenna and Mr Keynes, face the orthodox and reactionary ranks which are led by Mr Montagu Norman and the heads of the Treasury. To the uninitiated it...seems a little unfortunate that the ex-Labour chancellor should appear...to be an ardent supporter of Mr Montagu Norman. It will be little less than a disaster if in this struggle Labour support is accorded to the reactionary elements in the City.
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We propose first to expand credit in order to create demand. That new and greater demand must, of course, be met by a new and greater supply of goods, or all the evils of inflation and price rise will result. Here our Socialist planning must enter in. We must see that more goods are forthcoming to meet the new demand.