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The third quote from Marriner Eccle's 1939 speech:

“Perhaps the most important single step that can be taken now to increase the purchasing power of consumers and thus to diminish the need for investment outlets is to revamp our present old-age...

fraser.stlouisfed.org/title/statemen…
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insurance program… This system needs to be so revised as to provide a reasonable pension to old people immediately, regardless of whether or not they have contributed to the fund. This would not only meet a great social need and popular demand, but would also be...
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a sound economic measure at this stage in our economic life.”
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Michael Pettis
@michaelxpettis
1/-

And the fourth quote from Marriner Eccle's 1939 speech:

“It may be, of course, that an epoch-making discovery is just around the corner that will result in a greatly increased flow of investment. It may even be that private capital will suddenly...

fraser.stlouisfed.org/title/statemen…
2/-

and spontaneously begin to flow in greater volume than it ever has before. I feel strongly, however, that even if that should happen, the only safe course for the nation to pursue is, while hoping for the best, to plan for the worst. There is nothing to be lost by this...
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course of action. If it should develop that our labor is practically all employed, our income restored, and Government is competing with private business for labor, then the Government could and should promptly curtail its investment operations. There will be nothing...
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Michael Pettis
@michaelxpettis
1/-

The second quote from Marriner Eccle's 1939 speech:

“We can all agree, I think, upon the simple economic truth that to maintain and increase our standard of living and our national income, and hence to reduce unemployment, we must have a...

fraser.stlouisfed.org/title/statemen…
2/-

continuous, increasing flow of money throughout our economy from consumers to producers and back again from producers to consumers. This means that we cannot withdraw and hold idle large sums of our annual income because to do so obviously diminishes the...
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flow. Thus, the amounts that we put aside in our savings accounts, insurance policies, in retained profits, in depreciation, obso­lescence and depletion reserves, and in all other forms of storing up for the future, must be put back into the income stream, if not by...
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Michael Pettis
@michaelxpettis
Marriner Eccles, in a brilliant 1939 speech: “I think that we will also all agree that we have abundant material resources and money, so that they are not a limiting factor on further recovery. In fact, the supply of funds is not only more than...

fraser.stlouisfed.org/title/statemen…
...adequate under present conditions for an expansion of output, but our monetary and credit system has sufficient elasticity so that we can always create the funds necessary to expand production within the limits of our man power.

We may say then, I think, that our greatest...
...domestic problem – the major task before the nation— is to find productive employment for all of our people capable of working who are now unable to find employment. The magnitude of the problem is measured by the number of these people.”
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