Thread by @michaelxpettis

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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…

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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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lost. Whereas, if vie drift and hope for miracles to pull us out of the present condition, then it will become increasingly difficult to handle the problem. What is at stake is nothing less than our economic and political system.”