Pictured above via The Library of Congress is Henry Morgenthau Jr., Secretary of the Treasury under Franklin D. Roosevelt. Washington, D.C., United States, date uncertain.
Karl Denninger of The Market Ticker (@tickerguy) today shared this quote from then Secretary of the Treasury Morgenthau, “angry at the Keynesian spenders, confided to his diary May 1939:”
“We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and now if I am wrong somebody else can have my job. I want to see this country prosper. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises. I say after eight years of this administration, we have just as much unemployment as when we started. And enormous debt to boot.”
The position that the New Deal resolved the Depression is a con that is asserted by ambitious people seeking more power and longed for by suffering people who hope that someone can remove their pain.
