2011-09-27

Marriner Stoddard Eccles


Marriner Stoddard Eccles, Chairman of the US Federal Reserve during FDR.
"As mass production has to be accompanied by mass consumption, mass consumption, in turn, implies a distribution of wealth ... to provide men with buying power. ... Instead of achieving that kind of distribution, a giant suction pump had by 1929-30 drawn into a few hands an increasing portion of currently produced wealth. ... The other fellows could stay in the game only by borrowing. When their credit ran out, the game stopped."
- Beckoning Frontiers


Before effective action can be taken to stop the devastating effects of the depression, it must be recognized that the breakdown of our present economic system is due to the failure of our political and financial leadership to intelligently deal with the money problem.

In the real world there is no cause nor reason for the unemployment with its resultant destitution and suffering of fully one-third of our entire population. We have all and more of the material wealth which we had at the peak of our prosperity in the year 1929. Our people need and want everything which our abundant facilities and resources are able to provide for them. The problem of production has been solved, and we need no further capital accumulation for the present, which could only be utilized in further increasing our productive facilities or extending further foreign credits. We have a complete economic plant able to supply a superabundance of not only all of the necessities of our people, but the comforts and luxuries as well. Our problem, then, becomes one purely of distribution. This can only be brought about by providing purchasing power sufficiently adequate to enable the people to obtain the consumption goods which we, as a nation, are able to produce. The economic system can serve no other purpose and expect to survive.

The Government controls the gold reserve, the power to issue money and credit, thus largely regulating the price structure. Through its power of taxation it can control the accumulation and distribution of wealth production. It can mobilize the resources of the Nation for the benefit of its people. As an example of Government control and operation of the economic system look to the period of the war, at which time, under Government direction, we were able to produce enough and support not only our entire civilian population on a standard of living far higher than at present, but an immense army of our most productive workers engaged in the business of war parasites on the economic system, consuming and destroying vast quantities produced by our civilian population; we also provided the allies with an endless stream of war materials and consumption goods of all kinds.

Is it necessary to conserve Government credit to the point of providing a starvation existence for millions of our people in a land of superabundance? … we are losing $2,000,000,000 per month in unemployment. I can conceive of no greater waste than the waste of reducing our national income about half of what it was. I can not conceive of any waste as great as that. Labor, after all, is our only source of wealth … There could be no waste in post offices or in roads or in schools. You would have something to show for it.
Vart har denna sorts politiker tagit vägen under finansspekulationens tidevarv. Han låter ungefär som Wigforss. I dag står politikerna från höger till vänster om mässar rakt motsatt budskap.



1 comments:

Jan Wiklund sa...

De har gått samma väg som den militanta arbetarrörelse de återspeglade... Sverige hade världens mest militanta arbetarrörelse på 20-talet, USA hade världens mest militanta arbetarrörelse på 30-talet. Självklart att deras politiker anpassade budskapet.

Sätt igång och strejka och ockupera fabrikar! Då kommer Wigforss' och Eccles' budskap tillbaka!

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