Quotulatiousness

December 7, 2024

Rediscovering the legacy of “Silent Cal”

Filed under: Economics, Government, History, USA — Tags: , , , — Nicholas @ 04:00

Jacob M. Farley recently discovered the history of Calvin Coolidge’s presidency and the economic policies he pursued to such good effect in the 1920s (although Herbert Hoover’s energetic turn as Commerce Secretary for Harding and Coolidge strongly indicated that the benign laissez faire approach would be changed once Coolidge left the Oval Office):

Calvin Coolidge, Governor of Massachusetts, 1919.
Photo by Notman Studio, Boston, restored by Adam Cuerden via Wikimedia Commons.

In the pantheon of American presidents, Calvin Coolidge, or “Silent Cal”, often plays the role of the overlooked extra in the corner of history’s grand narrative. I can attest to this, as my first real exposure to him occurred recently during a visit to a museum whilst travelling in the US. Having spent some time since then reading up on everything Cal-related, I’ve become increasingly convinced that there’s a compelling case to be made that Coolidge’s approach to governance, particularly his economic policies, should be dusted off and revisited, not just for historical curiosity but as a lodestar for free marketeers far and wide.

Before I go any further, let’s set the scene of Coolidge’s era. The 1920s is often remembered for jazz, flappers, and the stock market’s dizzying heights. But beneath the cultural tumult, Coolidge was busy orchestrating what can quite fairly be called a symphony of minimalistic governance. His philosophy was profoundly simple: government should do less, not more.

Whilst this may seem extraordinarily mundane to you, consider that this wasn’t simply cheap talk on the campaign trail designed to get a nod of approval from over-50s. His ideas weren’t born out of laziness or disinterest but from a profound belief in the efficacy of the market’s invisible hand over the visible, often clumsy, hand of government intervention.

Coolidge’s administration slashed taxes like a bootlegger cuts whiskey – to make the good times flow more freely, notably through the Revenue Acts of 1924 and 1926. This wasn’t just about giving the rich a break; it was about stimulating economic activity by leaving more money in the pockets of Americans. By leaving more money in the pockets of Americans, he was essentially saying, “Here’s your allowance, now go make some noise at the stock market”.

The result? A crescendo of consumer spending, industrial growth, and a stock market that seemed to reach for the stars.

Coolidge believed in setting the rules of the game and then letting the players play. This isn’t to say there was no regulation, but rather, it was about not over-regulating, about allowing businesses to innovate, expand, and yes, even fail, without the government always having its finger on the scale. Imagine if the conductor only pointed out the tempo and let the musicians interpret it – that was Coolidge’s regulatory approach.

Under Coolidge, the U.S. economy boomed. Unemployment dipped to levels we can only dream of today, and real GDP growth was robust. If the economy were a piece of music, it was hitting all the right notes. But here’s where the narrative often shifts to a sombre tone – the Great Depression. While Coolidge left office before the market crashed, the seeds of economic disaster were arguably sown in the very success of the 1920s, exacerbated by policies that followed his term, particularly those of the Federal Reserve.

This is where the story of Coolidge’s economic policy gets nuanced. The Federal Reserve, relatively new on the scene, played its own tune by the late 1920s. Its policies, intended to stabilise the economy, are often critiqued for contributing to the eventual bust. Coolidge’s hands-off approach might have been a wise nod to market self-correction, but the Fed’s actions, flooding the number of dollars in circulation to stimulate the market’s trajectory in a way they deemed desirable, led to an artificially manufactured drunkenness, leading to a nasty hangover – The Great Depression.

After Coolidge, the economy didn’t just crash; it was like the Charleston dancer tripped over its own feet.

There had been a brief, nasty recession following the end of the First World War, but Harding and Coolidge responded not by muscular government action but by letting the market sort things out. Hoover, as Coolidge’s successor, was not cut from that cloth. Hoover was a believer in the progressive big-government approach to just about everything and his attempts to respond after the 1929 crash absolutely made things much, much worse. Later historians have chosen to forget Hoover’s actual policies and pretend that he followed Coolidge’s lead (most historians over the next couple of generations were pro-Roosevelt, so portraying Hoover as a conservative non-interventionist allowed them to contrast that with Roosevelt’s even more centralizing, interventionist policies).

October 6, 2024

Will the President Abolish Democracy? – Rise of Hitler 03, March 1930

World War Two
Published 5 Oct 2024

In the March 1930 Issue of the Weimar Wire Chancellor Muller resigns, the coalition government collapses, and Heinrich Brüning tries to build a new cabinet amidst street violence and political chaos. With the Nazis and Communists gaining strength, will Brüning succeed, or is the Weimar Republic heading for disaster?
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September 22, 2024

How to Make a Nazi Martyr – Rise of Hitler 02, February 1930

Filed under: Germany, History — Tags: , , , , , , — Nicholas @ 04:00

World War Two
Published 21 Sep 2024

In this issue of the Weimar Wire, we dive deep into the critical events of February 1930. Political violence continues to claim victims on the streets, the future Polish-German relationship is up in the air, the other powers bicker at the London Naval conference, all the while, the current government struggles to fill a ginormous budget hole.
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September 15, 2024

My Man Godfrey (1936) with William Powell and Carole Lombard

Filed under: Humour, Media, USA — Tags: , , , , , — Nicholas @ 02:00

The Film Detective
Published Nov 15, 2018

During the height of the Great Depression, a scavenger hunt party game brings a pair of spoiled sisters, Irene and Cornelia Bullock (Carole Lombard and Gail Patrick) to a city dump looking for a “forgotten man”. They find down-and-out hobo Godfrey Parks (William Powell), who accompanies one of the sisters back to the party to be presented as a scavenger hunt find, and ends up warily accepting her offer to become the family butler. Irene falls for Godfrey, but is unaware of his mysterious past. Nominated for six Academy Awards, My Man Godfrey might be the screwiest of all screwball comedies.

Director: Gregory La Cava
Writers: Morrie Ryskind, Eric Hatch
Starring: William Powell, Carole Lombard, Alice Brady, Gail Patrick, Eugene Pallette, Jean Dixon

April 28, 2024

How Britain got out of the Great Depression (and no, it wasn’t WW2)

Filed under: Britain, Economics, Government, History — Tags: , , , , — Nicholas @ 03:00

Tim Worstall, in refuting something being pushed by Willie Hutton, explains how the British government escaped from the Great Depression and set off a nice little boom in the mid- to late-1930s:

Piccadilly Circus in London, mid-1930s.
Colourized photo via Reddit.

Well, yes. Except that’s not actually what did drag Britain out of the Depression. What did was expansionary fiscal austerity. You know, that thing the Tories talked of in 2010 and which everyone laughed at? Somewhat annoyingly I was one of the very few (it’s annoying because I was clearly right in what I was saying) who pointed this out back then.

    When we boil this right down it’s an argument about the effectiveness of monetary policy. Absolutely no one thinks that it has no effect. But there’s many who think that it has no effect at the zero lower bound: when interest rates are zero. That’s really the argument that leads to fiscal policy, that idea that government might tax less, or spend more, blow out that deficit and get the economy moving again. We’ve done all we could with monetary policy and we’ve still got to do something so here’s fiscal policy.

To put it as simply as possible. We’ve two major macroeconomic tools, monetary policy and fiscal. The first is interest rates, exchange rates and money printing and so on. The second is the difference between taxes collected and money spent by government — the government deficit or surplus (note, please, for purists, this is being very simple).

OK, either lever or tool can be used to loosen conditions — gee stuff up — or tighten them. Which we use when is somewhere between a matter of taste and necessarily correct given the circumstances. But clearly the total amount of geeing up out of a recession — or tightening to prevent inflation — or depression is the combination of the two sets of policies, applications of levers and tools.

It’s thus theoretically possible to tighten with one, loosen with the other and gain, overall, either tightening or loosening. Depends upon how much of each you do.

Britain in the 30s tightened fiscal policy. The opposite of what the Keynesians said, the opposite of what the US did and so on. Cut — no, really cut, not just slowed the increase in — government spending and thereby cut the government deficit (might, actually, have gone into surplus, not sure). This is, according to the Keynesian line, something that should make the recession/depression worse.

But at the same time they came off the gold standard — Churchill had taken us back in in 1925 at far too high a rate — and lowered interest rates. That’s a loosening of monetary policy.

As it happens, on balance, the monetary was loosened more than the fiscal was tightened and so we have expansionary fiscal austerity. Which set off a very nice little boom in fact. The mid- to late- 30s in Britain were economic good times. Driven, nicely driven, by a housebuilding boom — the last time the private sector built 300 k houses a year in fact (this is before the Town and Country Planning Act stopped all that). Mixed in was that the motor car was becoming a fairly standard bourgeois item and so housing spread out along the roads.

April 19, 2024

QotD: The “Greatest Generation”

Filed under: Economics, Government, History, Quotations, USA — Tags: , — Nicholas @ 01:00

Our parents had learned some wrong lessons from the ’20s, ’30s, and ’40s. They learned to love government too well. They learned that government was what rescued you from depression and war. Our parents were very trusting of large governmental institutions. The liberalism that was a seed of the radicalism to come was in our parents, even when our parents were Republicans. They had taken large government for granted.

P.J. O’Rourke, interviewed by Scott Walter, “The 60’s Return”, American Enterprise, May/June 1997.

March 13, 2024

The History of the Chocolate Chip Cookie – Depression vs WW2

Filed under: Food, History, USA, WW2 — Tags: , , , , , — Nicholas @ 02:00

Tasting History with Max Miller
Published Dec 5, 2023

WWII ration-friendly chocolate chip cookies made with shortening, honey, and maple syrup

City/Region: United States of America
Time Period: 1940s

During WWII, everyone in the US wanted to send chocolate chip cookies to the boys at the front. With wartime rationing in effect, we get a recipe that doesn’t use butter or sugar, but shortening, honey, and maple syrup instead.

The dough is much softer than the original version, and the cookies spread out a lot more as they bake. They bake up softer than the crunchy originals, with a light pillowy texture. They aren’t as sweet, but still have a really lovely flavor. It kind of reminds me of Raisin Bran, but with chocolate. All in all, I was pleasantly surprised.

Check out the episode to see a side-by-side comparison with the original recipe.
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February 1, 2024

Newfoundland – “We used to be a country”

In The Line, James McLeod outlines a difficult period for the Dominion of Newfoundland which ended up narrowly voting to join Canada rather than resume self-rule that they’d had up to 1934 when the Newfoundland House of Assembly abolished itself:

Great Riot of 1932 in front of the legislature, the Colonial Building, in Newfoundland.
Provincial Archives of Newfoundland and Labrador (Reference PANL A2-160), via Wikimedia Commons.

Before 1933, Newfoundland was proudly a dominion within the British empire. Under the Statute of Westminster, Newfoundland had the same legal status as Canada, New Zealand, South Africa and the Irish Free State.

Newfoundland was its own country. But it was a country in rough shape.

A year before the Amulree Report was published, a mob of about 10,000 people had gathered outside the Colonial Building in St. John’s. Families were living in destitution on six-cents-a-day government dole, and the government’s finance minister had just resigned and accused Prime Minister Richard Squires of personally lining his pockets with government funds.

The mob turned into a riot, which ultimately barged into the government building. Notably, the rioters briefly paused to observe a respectful silence when a brass band began playing “God Save The King”, but then they went back to rioting.

Squires fled on foot and went into hiding, and then emerged to call an election, which he lost in a landslide. During the campaign, one of his longtime allies, the prominent leader of the Fishermen’s Protective Union, openly wished for fascism.

“What is required for Newfoundland and what is most essential for the present conditions is a Mussolini,” said William Coaker.

Months later, with a new government, Newfoundland was on the verge of defaulting on its debt, and the British stepped in.

The vastly oversimplified version is that the British government was concerned that a member of the British Commonwealth defaulting on its debt could have major implications for the whole empire. So the British government bailed out Newfoundland, on the condition that a commission would be struck to investigate the island’s political and economic affairs. Lord Amulree, a British politician, was appointed as chair.

A year later, with the Dominion still teetering on the verge of bankruptcy, the Amulree Report was delivered. It contained this passage, with my emphasis added: “That it was essential that the country should be given a rest from politics for a period of years was indeed recognised by the great majority of the witnesses who appeared before us, many of whom had themselves played a prominent part in the political and public life of the Island.”

Amulree considered the possibility of some sort of national unity government, but could not get past the conclusion that, “Even if a National Government could be established on a basis which led to a suspension of political rivalry, the underlying influences which do so much to clog the wheels of administration and to divert attention from the true interests of the country would continue to form an insuperable handicap to the rehabilitation of the Island.”

In 1934, the Newfoundland House of Assembly voted itself out of existence. It was replaced by a “Commission of Government” which was just six unelected men, appointed by the British. Fifteen years later, Newfoundlanders narrowly voted to join Canada, although to this day conspiracy theories still linger about how democratic the referendum really was.

I am not a Newfoundlander, and I’m hesitant to make any sweeping statements about how Newfoundlanders relate to their own history. But for a decade, I worked as a journalist in St. John’s, covering politics and public affairs. The collapse of democratic self-rule in the 1930s still looms large in the collective identity of the province.

December 24, 2023

QotD: Dreaming of George Bailey’s world while living in Pottersville

Filed under: Economics, Government, Media, Quotations, USA, WW2 — Tags: , , , , , , , — Nicholas @ 01:00

George Bailey, the hero of It’s a Wonderful Life, missed the two events that made the ideal man of his time, place, and social class: going to college and serving (as an officer, of course) in the Second World War. Instead of doing those things, either of which would have sent him out into the world beyond the limits of Bedford Falls, he remained at home, taking care of his family, his business, and his community. In other words, the hero of America’s favorite exercise in Yuletide nostalgia epitomized a way of life that, in the season of the film’s cinematic debut (the summer of 1946), was already on its way to the dustbin of history.

This, the most enduring of the many works of Frank Capra, became the Atlantis myth of post-war America. That is, those who, over the course of the last half-century, saw It’s a Wonderful Life on television, knew well that the age of community and connection depicted on their screens had already passed into the realm of legend. Moreover, to add injury to insult, they also knew that, if they wished to enjoy the fruits of a middle-class existence, they would have to live in the manner of vagabonds.

In the movie, slum-lord Henry Potter tries, but fails, to turn the provincial paradise of Bedford Falls into a run-down haunt of spinsters, drunks, and floozies. In the real world, it was Franklin D. Roosevelt who put the kibosh on the original Main Street, USA. To be more precise, the principal achievements of America’s greatest tyrant, the Great Depression and the Second World War, undermined the financial, legal, and cultural foundations of the “wonderful life”. Thus, by the time this process had run its course, inflation had made a fool’s game of simple thrift, the replacement of law with regulation had hobbled private enterprise, and people who had left home for the sake of college, work, or military service found themselves lost in a sea of strangers.

In response to these changes, colleges and universities stepped up to the proverbial plate, happy to offer substitutes for the things that had been lost. They gave young people a chance to obtain certificates that would attest to both their suitability for service in the ranks of corporate minions and their social respectability. At the same time, these institutions gave older people a way to convert their value-losing cash into an asset that promised to pay dividends that would benefit their children (and, indeed, their grandchildren) for decades to come.

Thus arose the people I have come to call the MICE (Mobile, Individualistic, College Educated) people. Bereft of regional accents, productive property, and deep connections to friends and relations, they wandered the world, building networks, acquiring degrees, and padding resumés. However, after two generations of such peripatetic solipsism, the age of the MICE people is coming to an end.

Young men of parts, who realize that college has nothing to do with either liberal learning or vocational training, are simultaneously taking up skilled trades and stocking their MP3 players with learned podcasts. At the same time, young women of quality are beginning to think that the traditional troika of Kirche, Küche, und Kinder offers better odds of deep satisfaction than life as a hormone-hobbled, Starbucks swilling, girl boss.

So, if you know young people like the ones I’ve just described, do posterity a favor, and put them in contact with each other. After all, they deserve a life as wonderful as that of George and Mary Bailey.

Bruce Ivar Gudmundsson, “College, Class, and Christmas”, Extra Muros, 2023-08-06.

October 11, 2023

Art Deco in 9 Minutes: Why Is It The Most Popular Architectural Style? 🗽

Filed under: Architecture, France, History, USA — Tags: , , , , , , — Nicholas @ 02:00

Curious Muse
Published 3 Sept 2021

What comes to your mind when you think of the 1920s? For most people, the 1920s conjures up images of jazz, flappers, Old Hollywood, the Great Gatsby, and the Chrysler Building in New York City. It was a time of prosperity, exorbitant spending, and entertainment that gave rise to one of the most popular decorative arts and architecture movements — known as Art Deco.

Characterized by exquisite craftsmanship, lavish decoration, and rich materials, the style has become synonymous with the Roaring Twenties. So, what was the Art Deco movement all about and what differentiates it from other major movements? Finally, despite its popularity today, what makes Art Deco so closely associated with the 1920s?

In this week’s video, we’ll dive into the history of the era and learn about Art Déco, the style that continues to inspire designers and architects around the world!
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June 13, 2023

After the Great War, the British army failed to plan for future conflicts

Filed under: Britain, History, Military, Weapons — Tags: , , , — Nicholas @ 03:00

Robert Lyman outlines why Britain in general and the British army in particular were so materially and intellectually unready for the war that broke out in 1939:

… the British Army was catastrophically unprepared for war in 1939. But it wasn’t just the Army that was unprepared. Despite a last-minute rush to re-arm, so too was the whole country. In Britain a deep-seated passivity had set in following the end the Great War. This belied the reality that in Europe the ending of the war in fact opened the door to unheralded political chaos and instability that was in time to overcome the forces of stability and would lead directly to yet another devastating war. In the years immediately following the arrival of peace in 1918 Britain hoped it could close the door on any future European or continent commitment and return to the halcyon days when its only security commitments were the defence of its widely flung Empire.

The weakness at the heart of British planning for war was a direct reflection of Britain’s strategic, political, societal and economic situation during the inter-war period. Britain – both the British public and the country’s various governments – simply wasn’t mentally prepared to go to war again so soon after the trauma of the Great War. As a result, it made no proper preparation for another full-on industrial war against a peer opponent on the continent. This was fundamentally a failure of political and military imagination; the inability to think through what a potential war might look like and to prepare for this possibility accordingly.

We have identified five primary causes of the decline of British military effectiveness in 1939. In the first place there was no clear strategic plan for the Army. Strategies are determined by having a clear understanding of who a future enemy might be. Following the end of the Great War, until the late 1930s no one seemed bothered to define this essential point of direction. There was a remarkably inadequate grand strategic conversation (i.e., at a national, governmental level) about the purpose, structure, and nature of the Army. There was plenty of talking, but very little of it focused on realistic determination as to who it might have to fight, and how. This was a problem, because it meant that Britain was unable to determine the precise structure its armed forces needed to be, and its cost. Was the focus of the army to be the continent, or the Empire, or both? No one knew. As a result, the last known plan reasserted itself – Imperial defence, à la 1914. This meant that the army wasn’t structured or equipped to fight a specified enemy in a defined set of circumstances. Instead, the British Army and its cousin, the Indian Army, was expected to be a generic jack-of-all-trades, without the structure, doctrine, training, or equipment to fight the type of war it had become the master of in 1918. While there was some doctrine, and considerable doctrinal debate, little was anchored in a clear definition of what future war was expected to look like. There was no operational design for the British Army derived directly from an analysis of the threat it faced. If it had done, the BEF would have been thoroughly prepared for the German Blitzkrieg in France and the Low Countries in 1940 or the similar Japanese Kirimoni Sakusen in 1941 and 1942. The British Army wasn’t prepared to fight a first-class European Army in 1939 for the simple reason that Britain hadn’t prepared itself to do so. Likewise, when it came to fighting the Japanese in 1941 and 1942 in Malaya and Burma, the British found that not only had it failed to prepare adequately for a potential Japanese invasion of its vulnerable Far Eastern colonies, but that it had no idea as to how to fight the Imperial Japanese Army. There were two connected failures here. The first was one of strategic preparedness, the blame for which was both governmental and strategic. The second was of training, doctrine and military preparedness by the British Army in Europe and Asia to fight. When they emerged out of their assault boats at Kota Bahru on the morning of 8 December 1942 the Japanese could as well have come from Mars, given how little the British knew about them and their warfighting methods.

Second, as a country, Britain was unprepared both politically and culturally for another war so soon after the last. In 1919 the country seemed to want to look backward to embrace the days of peace that had preceded the cataclysm of war, to drape itself with Edwardian comfort. It was tired and disillusioned, and felt no victor’s triumph. The country looked to itself, and to its Empire, eschewing the complications of commitments on continental Europe that had recently resulted in the loss of so much blood. The losses sustained in the Great War resulted in the overwhelming national sentiment that war must never again be undertaken as a form of politics. Clausewitz was dead. Part of this sentiment evidenced itself in the rise of pacifism. In the army, a pervasive belief existed that the Great War was an aberration, and nothing like it would again afflict western civilisation. Any lessons from the war were therefore irrelevant to the future structures or doctrine of the British Army, for whom the defence of the Empire was the crucial issue. But whether it liked it or not, the world was changing fast, in ways that Britain struggled to comprehend and from which it could not ultimately escape. The Russian Revolution, the rise of fascist dictators in Europe, isolationism in the USA (except for a new American assertiveness in Asia) and the increasing militancy of Japan, began changing the global landscape in ways that were hard to understand for a country seemingly once in total charge of the certainties of statecraft. Now it struggled to find its way in a new world of tension, turmoil and rapid change.

Third, no one in the British Army thought to capture the reasons for operational success in 1918. The dramatic reduction in troops numbers at the end of the Great War meant that those best able to convert the learning from 1918 into doctrine left for civilian life, taking their knowledge and experience with them. It was never recovered. There was therefore no template in the years afterward on which to build a successful military doctrine based on the successful warfighting experience that had culminated in the victories of 1918.

Fourth, political naivety led to a dramatic economic stringency being applied, including the underlying Treasury assumption in the early 1920’s of the ‘Ten Year Rule’, an assumption that kept rolling over, year after year. This meant that there wasn’t enough money to do what was necessary to protect British interests from impending harm. The Army butter was thinly spread on the imperial bread, with the result that insufficient investment was made in the core of the army’s warfighting capability. This stringency was exacerbated by the impact of the Great Depression at the end of the 1920s into the early years of the next decade.

March 1, 2023

School Lunch from the Great Depression

Filed under: Food, France, Germany, History, USA — Tags: , , , , , — Nicholas @ 04:00

Tasting History with Max Miller
Published 28 Feb 2023
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January 11, 2023

Al Capone’s Soup Kitchen

Tasting History with Max Miller
Published 10 Jan 2023
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September 2, 2022

The winner in 1932 campaigned against high taxes, big government, and more debt. Then he turned all those up to 11

At the Foundation for Economic Education, Lawrence W. Reed notes that we often get the opposite of what we vote for, and perhaps the best example of that was the 1932 presidential campaign between high-taxing, big-spending, government-expanding Republican Herbert Hoover and Franklin Delano Roosevelt, who ran against all of Hoover’s excesses … until inauguration day, anyway:

Top left: The Tennessee Valley Authority, part of the New Deal, being signed into law in 1933.
Top right: FDR (President Franklin Delano Roosevelt) was responsible for the New Deal.
Bottom: A public mural from one of the artists employed by the New Deal’s WPA program.
Wikimedia Commons.

If you were a socialist (or a modern “liberal” or “progressive”) in 1932, you faced an embarrassment of riches at the ballot box. You could go for Norman Thomas. Or perhaps Verne Reynolds of the Socialist Labor Party. Or William Foster of the Communist Party. Maybe Jacob Coxey of the Farmer-Labor Party or even William Upshaw of the Prohibition Party. You could have voted for Hoover who, after all, had delivered sky-high tax rates, big deficits, lots of debt, higher spending, and trade-choking tariffs in his four-year term. Roosevelt’s own running mate, John Nance Garner of Texas, declared that Republican Hoover was “taking the country down the path to socialism”.

Journalist H.L. Mencken famously noted that “Every election is a sort of advance auction sale of stolen goods.” If you agreed with Mencken and preferred a non-socialist candidate who promised to get government off your back and out of your pocket in 1932, Franklin Roosevelt was your man — that is, until March 1933 when he assumed office and took a sharp turn in the other direction.

The platform on which Roosevelt ran that year denounced the incumbent administration for its reckless growth of government. The Democrats promised no less than a 25 percent reduction in federal spending if elected.

Roosevelt accused Hoover of governing as though, in FDR’s words, “we ought to center control of everything in Washington as rapidly as possible.” On September 29 in Iowa, the Democrat presidential nominee blasted Hooverism in these terms:

    I accuse the present Administration of being the greatest spending Administration in peace times in all our history. It is an Administration that has piled bureau on bureau, commission on commission, and has failed to anticipate the dire needs and the reduced earning power of the people. Bureaus and bureaucrats, commissions and commissioners have been retained at the expense of the taxpayer.

    Now, I read in the past few days in the newspapers that the President is at work on a plan to consolidate and simplify the Federal bureaucracy. My friends, four long years ago, in the campaign of 1928, he, as a candidate, proposed to do this same thing. And today, once more a candidate, he is still proposing, and I leave you to draw your own inferences. And on my part, I ask you very simply to assign to me the task of reducing the annual operating expenses of your national government.

Once in the White House, he did no such thing. He doubled federal spending in his first term. New “alphabet agencies” were added to the bureaucracy. Nothing of any consequence in the budget was either cut or made more efficient. He gave us our booze back by ending Prohibition, but then embarked upon a spending spree that any drunk with your wallet would envy. Taxes went up in FDR’s administration, not down as he had promised.

Don’t take my word for it. It’s all a matter of public record even if your teacher or professor never told you any of this. For details, I recommend these books: Burton Folsom’s New Deal or Raw Deal; Murray Rothbard’s America’s Great Depression; my own Great Myths of the Great Depression; and the two I want to tell you about now, John T. Flynn’s As We Go Marching and The Roosevelt Myth.

For every thousand books written, perhaps one may come to enjoy the appellation “classic”. That label is reserved for a volume that through the force of its originality and thoroughness, shifts paradigms and serves as a timeless, indispensable source of insight.

Such a book is The Roosevelt Myth. First published in 1948, Flynn’s definitive analysis of America’s 32nd president is arguably the best and most thoroughly documented chronicle of the person and politics of Franklin Delano Roosevelt. Flynn’s 1944 book, As We Go Marching, focuses on the fascist-style economic planning during World War II and is very illuminating as well.

July 6, 2022

QotD: Like Communism, “true” Social Credit has never been attempted

Filed under: Cancon, History, Politics, Quotations — Tags: , , , — Nicholas @ 01:00

Brands die hard, in politics as in a grocery store. When Alberta Social Credit made its astonishing conquest of the Alberta legislature 84 years ago, the party was immediately accused by the crank inventor of the Social Credit economic doctrine, C.H. Douglas, of having gotten the theory all wrong. One suspects that Douglas, whose writings are incomprehensible when they are not preaching patent lunacy, would have said this as a matter of self-defence to any organized group that tried to use his theories as a basis for actual governing. Still, it technically means that no political manifestation of “Social Credit” was ever really Social Credit at all.

The bits of Social Credit that people in Alberta liked, amid the misery of the 1930s, were the hatred of high finance and the promise of an unearned monetary dividend. Alberta Social Credit tried to govern on this general basis, even after Douglas came to Edmonton personally and informed the cabinet that it had failed to comprehend his genius. Despite this, “Douglasite” true believers remained prominent in the party until shortly after the war, when premier E.C. Manning purged them from the Social Credit electoral apparatus. (Many were vague but obvious anti-Semites, like Douglas himself.)

Colby Cosh, “Social Credit may be dead. Long live Social Credit!”, National Post, 2019-04-22.

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