Czesław Miłosz, Nobel Prize lecture, 8 December 1980
"To some generations much is given. Of other generations much is expected. This generation of Americans has a rendezvous with destiny. In this world of ours in other lands, there are some people, who, in times past, have lived and fought for freedom, and seem to have grown too weary to carry on the fight. They have sold their heritage of freedom for the illusion of a living. They have yielded their democracy.
I believe in my heart that only our success can stir their ancient hope. They begin to know that here in America we are waging a war against want and destitution and economic demoralization. It is more than that; it is a war for the survival of democracy. We are fighting to save a great and precious form of government for ourselves and for the world."
Franklin D. Roosevelt, Democratic National Convention, 1936
"The threat to our democracy is real and growing. But it didn’t start with the MAGA crowd. It started with the dark money crowd — which won’t be satisfied until it owns every member of Congress, every lifetime-appointed federal judge, and every key politician in every swing state. Until there is a groundswell in America demanding serious campaign finance reform, this is the best democracy that money can buy."
Pam and Russ Martens, American Democracy Is Under Grave Threat, 7 September 2022
"The greatest need is for intellectual reappraisal, and a good place to begin is with a statement from a paper co-authored by Minsky that “apt intervention and institutional structures are necessary for market economies to be successful.” Rather than waging old debates about tax cuts versus spending increases, policymakers ought to be discussing how to reform the financial system so that it serves the rest of the economy, instead of feeding off it and destabilizing it.
Among the problems at hand: how to restructure Wall Street remuneration packages that encourage excessive risk-taking; restrict irresponsible lending without shutting out creditworthy borrowers; help victims of predatory practices without bailing out irresponsible lenders; and hold ratings agencies accountable for their assessments. These are complex issues, with few easy solutions, but that’s what makes them interesting. As Minsky believed, “Economies evolve, and so, too, must economic policy.”
John Cassidy, The Minsky Moment, The New Yorker, February 4, 2008
They are more openly normalizing fraud, cruelty, and injustice.
Most leaders and their elite servants stand by in complicit silence.
Have a pleasant weekend.
