"Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men" - 80 years have passed, this still remains true, maybe even more so...Kris
Ah yes....but one of the problems for democracy in many parts of the world is that telling the truth on economic matters will not get you elected.
SO politicians choose to say (believe?) that they have a magic solution that will make all the nasty debt, global competition and the slide into poverty go away; taxes will be contained/reduced and important public sector spending maintained/increased.
It is interesting to note that the most successful and most respected politicians of the past managed to get into power while addressing bad news head-on and not by appealing to an electorate's most self-serving instincts.
Good point Peter...I don't think politicians believe they have a magic solution, they just say so to get elected...facing the problems heads on might get you elected in truly exceptional times and if you have enough charisma...not in today's not so good but not so bad either climate...Kris
I liked the Roosevelt speech, however today it would be considered a scandal because he quoted the Bible, Proverbs 29:18, "Where there is no vision, the people perish: but he that keeps the law, happy is he."
Probably the greatest American president ever, for he managed to bring down the British, German and French empires in one single masterstroke!
To go back to the uncertainties of today's economic climate, John Maynard Keynes referred to this as the collapse of the animal spirit! He advocated the active involvement of Governments in rekindling this spirit but it does not seem to be working despite the trillions of dollars pumped into Western economies. In the last great depression, it was the second world war really that rekindled the animal spirit. Let's hope it won't come to that this time round.
For one thing, Keynesian economics is hardly "gospel truth," if I may use that term figuratively.
True, WWII was required to pull the US out of the 1929 depression. So, what was that all about? It was a draconian redistribution of public wealth to industry and to productivity. It was not redistribution of wealth from the productive sector into mere consumer spending.
Even using Keynes' lingo, a government doesn't rekindle the "animal spirit" by subtracting more from the "real animals," the producers.
I agree Bert22306. Most of the quantitative easing (QE) money that was "printed" in the last few years went to the finance Barons who got us into this mess in the first place. If anyone had any doubt on who is running the world economy, that doubt has now completely disappeared.