Halfway through the second term of Franklin Roosevelt, the New Deal braintrusters began to worry about mounting popular concern over the national debt. In those days the size of the national debt was on everyone’s mind. Indeed, Franklin Roosevelt had talked himself into office, in 1932, in part by promising to hack away at a debt which, even under the frugal Mr. Hoover, the people tended to think of as grown to menacing size. Mr. Roosevelt’s wisemen worried deeply about the mounting tension ...
And then, suddenly, the academic community came to the rescue. Economists across the length and breadth of the land were electrified by a theory of debt introduced in England by John Maynard Keynes. The politicians wrung their hands in gratitude. Depicting the intoxicating political consequences of Lord Keynes’s discovery, the wry cartoonist of the Washington Times Herald drew a memorable picture. In the center, sitting on a throne in front of a Maypole, was a jubilant FDR, cigarette tilted almost vertically, a grin on his face that stretched from ear to ear. Dancing about him in a circle, hands clasped together, their faces glowing with ecstasy, the braintrusters, vested in academic robes, sang the magical incantation, the great discovery of Lord Keynes: “We owe it to ourselves.” With five talismanic words, the planners had disposed of the problem of deficit spending. Anyone thenceforward who worried about an increase in the national debt was just plain ignorant of the central insight of modern economics: What do we care how much we - the government - owe so long as we owe it to ourselves? On with the spending. Tax and tax, spend and spend, elect and elect ...
American public intellectual, conservative author and political commentator (1925–2008)
William F. Buckley, Jr. (November 24 1925 - February 27 2008) was an American author, conservative journalist, who founded the conservative political magazine National Review in 1955 and hosted the television show Firing Line from 1966 until 1999.
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We find that in the absence of demonstrable truth, the best we can do is to exercise the greatest diligence, humility, insight, intelligence, and industry in trying to arrive at the nearest values to truth. I hope, of course, to argue convincingly that having done this, we have an inescapable duty to seek to inculcate others with these values.
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"The individualist insists that drastic depressions are the result of credit inflation; (not excessive savings, as the Keynesians would have it) which at all times in history has been caused by direct government action or by government influence. As for aggravated unemployment, the individualist insists that it is exclusively the result of government intervention through inflation, wage rigidities, burdensome taxes, and restrictions on trade and production such as price controls and tariffs. The inflation that comes inevitably with government pump-priming soon catches up with the laborer, wipes away any real increase in his wages, discourages private investment, and sets off a new deflationary spiral which can in turn only be counteracted by more coercive and paternalistic government policies. And so it is that the "long run" is very soon a-coming, and the harmful effects of government intervention are far more durable than those that are sustained by encouraging the unhampered free market to work out its own destiny."
when both can’t be true. In 1946, in the days after World War II, presidential advisor Bernard Baruch said, “Every man has a right to his own opinion, but no man has a right to be wrong in his facts.” Variations have been uttered by U.S. Secretary of Defense James R. Schlesinger, U.S. Senator Daniel Patrick Moynihan, and others. Today this seemingly indisputable truth no longer holds. Propaganda is indistinguishable from fact and we find ourselves living in the frightening pages of a George Orwell novel.