The spectacle of a great, solvent government paying a fictitious price for gold it did not want and did not need and doing it on purpose to debase the value of its own paper currency was one to astonish the world.
To the revolutionary mind the American vista must have been almost as incredible as Genghis Khan's first view of China – so rich, so soft, so unaware.
The New Deal's enmity for that system of free and competitive private enterprise which we call capitalism was fundamental.
There was endless controversy as to whether the acts of the New Deal did actually move recovery or retard it, and nothing final could ever come of that bitter debate because it is forever impossible to prove what might have happened in place of what did.
This is the problem for which revolutionary theory has yet to find the right solution, if there is one. The difficulty is that the economic interests of the two classes are antagonistic.
Lenin, the greatest theorist of them all, did not know what he was going to do after he had got the power.
If the great Government of the United States were a private corporation no bank would take its name on a piece of paper, because it has cynically repudiated the words engraved upon its bonds.
Loyalty of the law-making power to the executive power was one of the dangers the political fathers foretold.
Formerly government was the responsibility of people; now people were the responsibility of government.
If you put a ten dollar bill under the rug instead of spending it, that is capital formation. It represents ten dollars' worth of something that might have been immediately consumed, but wasn't.
It is the function of the President, representing the executive principle, to execute the laws.
The New Deal was going to redistribute the national income according to ideals of social and economic justice.