Great changes have come over the world since Lafayette first came here desirous of aiding the cause of freedom. His efforts in behalf of an American republic have been altogether successful. In no other country in the world was economic opportunity for the people ever so great as it is here. In no other country was it ever possible in a like degree to secure equality and justice for all. Just as he was passing off the stage, the British adopted their reform measures giving them practically representative government. His own France has long since been welcomed into the family of republics. Many others have taken a like course. The cause of freedom has been triumphant. We believe it to be, likewise, the cause of peace. But peace must have other guarantees than constitutions and covenants. Laws and treaties may help, but peace and war are attitudes of mind. American citizens, with the full sympathy of our Government, have been attempting with apparent success to restore stricken Europe.
Calvin CoolidgeRelated topics
aiding altogether american apparent behalf believe british came cause country course degree desirous equality family freedom full giving government great help justice lafayette likewise mind off opportunity passing peace people possible reform representative republic restore stage stricken success sympathy take war world others europe france lawsRelated quotes
There is no more romantic episode in English history, or in the haphazard building of the Empire, than the story of the "Company of Adventurers of England Trading into Hudson's Bay." To look for the North-west passage while they made profits out of furs, to obtain a charter of sovereignty over the lands which contained all the waters flowing into that bay, and yet to leave those lands unexplored for many, many years- this is a typically British proceeding. They sought the western equivalents of "ivory and apes and peacocks," and they found an empire as a by-product. They created a great tradition, a tradition which is your own to-day, of discipline and endurance round a commercial ideal. They treated the Indians as a source of profit, yet they treated them with justice and with kindliness. They kept one eye on dividends and another on exploration. What race besides our own could be so casual, so far-sighted, so inconsistent and so successful?
Stanley Baldwin
I would summarize the Keynesian view in terms of four points:1. Economies sometimes produce much less than they could, and employ many fewer workers than they should, because there just isn't enough spending. Such episodes can happen for a variety of reasons; the question is how to respond.
2. There are normally forces that tend to push the economy back toward full employment. But they work slowly; a hands-off policy toward depressed economies means accepting a long, unnecessary period of pain.
3. It is often possible to drastically shorten this period of pain and greatly reduce the human and financial losses by "printing money”, using the central bank's power of currency creation to push interest rates down.
4. Sometimes, however, monetary policy loses its effectiveness, especially when rates are close to zero. In that case temporary deficit spending can provide a useful boost. And conversely, fiscal austerity in a depressed economy imposes large economic losses.
Paul Krugman
I am not a friend to a very energetic government. It is always oppressive. It places the governors indeed more at their ease at the expense of the people. The late rebellion in Massachusetts has given much more alarm than I think it should have done. Calculate that one rebellion in thirteen States in the course of eleven years is but one for each State in a century and a half. No country should be so long without one. Nor will any degree of power in the hands of the government prevent insurrections. In England, where the hand of power is heavier than with us, there are seldom half a dozen years without an insurrection. In France, where it is still heavier but less despotic, as Montesquieu supposes, than in some other countries and where there are always two or three hundred thousand men ready to crush insurrections, there have been three in the course of the three years I have been here, in every one of which greater numbers were engaged than in Massachusetts.
Thomas Jefferson
If ever there was a hard-headed and not a soft-hearted Sovereign it was she; if ever there was a place where there was little of that romantic sentiment of going abroad to do right and justice to other people, I think it was in that Tudor breast of our 'Good Queen Bess,' as well call her. ... When I see the accounts of what passed when the [Dutch] envoys came to Queen Elizabeth and asked for aid, how she is huckstering for money while they are begging for help to their religion,-I declare that, with all my principles of non-intervention, I am almost ashamed of old Queen Bess. And then there were Burleigh, Walsingham, and the rest, who were, if possible, harder and more difficult to deal with than their mistress. Why, they carried out in its unvarnished selfishness a national British policy; they had no other idea of a policy but a national British policy, and they carried it out with a degree of selfishness amounting to downright avarice.
Richard Cobden
I suspect that many of the world's financial lords are somewhat embarrassed to tell Japan repeatedly at G-7 meetings and elsewhere to adopt a Keynesian solution. Within Europe, central banks and governments think Keynesian theories and policies are absolutely wrong. Despite the remarkable success of pragmatic policies in the United States, true believers in the Invisible Hand reject Keynesian diagnoses and prescriptions. Many observers of Japan have found it intellectually comforting to blame the slump on the plight of the banks, flooded with bad loans dated from the land and equity bubbles and their collapse. They hope that a governmentmanaged and -subsidized rectification of bank balance sheets will trigger overall economic recovery. I think this is a false hope. The bank problem is only a small part of the macroeconomic disaster. It has to be resolved, of course, but resolution that is no substitute for the needed fiscal and monetary stimuli.
James Tobin
