In the fifteen years following the First World War, and especially in the immediate aftermath, the industrial nations exploited this new freedom in remarkably diverse fashion. The French followed the line of least resistance with, on the whole, the best results. The British followed the line of greatest wounds. The Germans so handled matters, or so yielded to circumstances, as to produce the greatest inflation of modern times. The United States, by a combination of mismanagement and non-management, produced the greatest depression. In all the long history of money, the decade of the 1920s-extended by a few years to the consequences-is perhaps the most instructive.
John Kenneth GalbraithRelated topics
aftermath best british combination decade depression fashion few fifteen following freedom french history industrial inflation instructive least line mismanagement modern money perhaps produce resistance times war world circumstances years statesRelated quotes
I am continually amused by the Communist argument that the United States tries to prevent the less-developed countries from industrializing in order to keep them subservient to herself. In our extended dealings with the American aid authorities, we have never found this to be the case; on the contrary, they have helped us with a wide variety of industrial projects, including those that compete directly with American industries. The Americans have enough sense to prefer strong and prosperous friends, and they realize that their most lucrative international trade is with other highly industrialized countries, not with weak and backward ones.
Muhammad Reza Pahlavi
The truth is, that the greatest enemies of the doctrine of Jesus are those, calling themselves the expositors of them, who have perverted them to the structure of a system of fancy absolutely incomprehensible, and without any foundation in his genuine words. And the day will come when the mystical generation of Jesus, by the supreme being as his father in the womb of a virgin will be classed with the fable of the generation of Minerva in the brain of Jupiter ... But may we hope that the dawn of reason and freedom of thought in these United States will do away with this artificial scaffolding, and restore to us the primitive and genuine doctrines of this most venerated reformer of human errors.
Thomas Jefferson
It was a global depression, had many causes, the whole story requires you to look at the whole international system. But policy errors in United States, as well as abroad, did play an important role. And in particular as I said, the Federal Reserve failed in this first challenge in both parts of its mission. It did not use monetary policy aggressively to prevent deflation and the collapse in the economy, so it failed in its economic stability function. And it didn't adequately perform its function as lender of last resort allowing many bank failures and a resulting contraction in credit and also with the money supply. So, in that respect, again, the Fed did not fulfill its intended mission.
Ben Bernanke
I rise, Mr. President, for the purpose of announcing to the Senate that I have satisfactory evidence that the State of Mississippi, by a solemn ordinance of her people in convention assembled, has declared her separation from the United States. Under these circumstances, of course, my functions are terminated here. It has seemed to me proper, however, that I should appear in the Senate to announce that fact to my associates, and I will say but very little more. The occasion does not invite me to go into argument, and my physical condition would not permit me to do so if it were otherwise; and yet it seems to become me to say something on the part of the state I here represent, on an occasion so solemn as this.
Jefferson Davis
An act of the mind of which we are conscious, as such, is called freedom. An act without consciousness of action is called spontaneity. I by no means assume as necessary any immediate consciousness of the act, but merely, that on subsequent reflection thou shouldst perceive it to be an act. The higher question of what it is that prevents any such state of indecision, or any consciousness of the act, we may perhaps subsequently be able to solve. This act of the mind is called thought and it is said that thought is a spontaneous act, to distinguish it from sensation, in which the mind is merely receptive and passive.
Johann Gottlieb Fichte
