Article from Time (1933)

[TheBreeze]

Throughout the nation the poignant wail of the debtor beats relentlessly upon political ears. At Logan, Iowa, last week 400 farmers forcibly halted another mortgage foreclosure sale. At Sidney, Neb. farm leaders prepared to march 200,000 irate debtors to the State Capitol at Lincoln and “tear it down” unless they got relief. In Wisconsin, Democratic Governor Schmedeman, after receiving a delegation of farm strikers, issued a proclamation calling upon circuit judges to hold all mortgage foreclosures in abeyance until the Legislature could declare a moratorium. Some judges promised to comply; others claimed they were legally powerless to obey the proclamation. At Grand Meadow, Minn. a cousin of President Hoover luckily got out of debt by giving his farm to the bank. Two great railroads in the East were reported close to receivership. In a decade Federal bankruptcies had jumped from 23,000 to 65,000 per year, with a rise in creditor losses from $144,000,000 to $911,000,000. By no stretch of ordinary economics could a 70¢ dollar in goods or service pay off a dollar debt at 130¢.

Such a situation churned Congress to fresh confusion. All last week the Senate was deadlocked by a filibuster, the mainspring of which was debt relief through currency expansion (see p. 12). Idaho’s Borah had a plan to “cheapen the dollar.” Oklahoma’s Thomas called for “reflation—or revolution.” Into the hopper poured bill after bill proposing a widening of R. F. C. relief to debtors, even to the point of paying their back taxes. In the House 30 Representatives put themselves behind a bill by Mississippi’s Busby to issue $3,000,000,000 in new bonds and inflate the currency by that amount in the desperate hope of upping commodity prices. Louder & louder grew the cry to remonetize silver. All that held the inflationists back was a lack of unanimity as to which plan to follow.

THE TERMINATOR SLASHES MONEY TO POOR

Here we go again.

[peterb]

Look for more protectionism and taxes. They just dont get it, or want to get it.

[peterb]

Look for more protectionism and taxes. They just dont get it, or want to get it.

[peterb]

Look for more protectionism and taxes. They just dont get it, or want to get it.

[peterb]

Look for more protectionism and taxes. They just dont get it, or want to get it.

[peterb]

Look for more protectionism and taxes. They just dont get it, or want to get it.

[svelte]

Excellent find, thanks Breeze.

Fast forward 77 years and only the names have changed.

Interesting that, when following your link, the article referenced is introduced as discussing “the first Great Depression”.

I wonder if in a year’s time the current era will be referred to as “the second Great Depression”.

I should study the 1930s more to see what I can glean on what to expect next.

Get into a low-expenditure situation, people, as we prepare to shoot the rapids…

[svelte]

Excellent find, thanks Breeze.

Fast forward 77 years and only the names have changed.

Interesting that, when following your link, the article referenced is introduced as discussing “the first Great Depression”.

I wonder if in a year’s time the current era will be referred to as “the second Great Depression”.

I should study the 1930s more to see what I can glean on what to expect next.

Get into a low-expenditure situation, people, as we prepare to shoot the rapids…

[svelte]

Excellent find, thanks Breeze.

Fast forward 77 years and only the names have changed.

Interesting that, when following your link, the article referenced is introduced as discussing “the first Great Depression”.

I wonder if in a year’s time the current era will be referred to as “the second Great Depression”.

I should study the 1930s more to see what I can glean on what to expect next.

Get into a low-expenditure situation, people, as we prepare to shoot the rapids…

[svelte]

Excellent find, thanks Breeze.

Fast forward 77 years and only the names have changed.

Interesting that, when following your link, the article referenced is introduced as discussing “the first Great Depression”.

I wonder if in a year’s time the current era will be referred to as “the second Great Depression”.

I should study the 1930s more to see what I can glean on what to expect next.

Get into a low-expenditure situation, people, as we prepare to shoot the rapids…

[svelte]

Excellent find, thanks Breeze.

Fast forward 77 years and only the names have changed.

Interesting that, when following your link, the article referenced is introduced as discussing “the first Great Depression”.

I wonder if in a year’s time the current era will be referred to as “the second Great Depression”.

I should study the 1930s more to see what I can glean on what to expect next.

Get into a low-expenditure situation, people, as we prepare to shoot the rapids…

[Allan from Fallbrook]

svelte: You won’t have to look very far to see what the 1930s produced: Mussolini, Hitler and the Second World War.

Hitler came to power on Germany’s economic woes (and their resentment over the Versailles Treaty). Totalitarianism (a term Mussolini coined) and authoritarianism were both products of governments struggling with the worldwide depression.

FDR’s New Deal program was modeled on Mussolini’s policies in Italy (which is why he is saddled with the socialist sobriquet so often).

I’m very interested to see what this does to the EU and China. The EU in terms of whether this crisis will fracture that alliance and China in the sense of how far they’ll return to their authoritarian roots.

[Allan from Fallbrook]

svelte: You won’t have to look very far to see what the 1930s produced: Mussolini, Hitler and the Second World War.

Hitler came to power on Germany’s economic woes (and their resentment over the Versailles Treaty). Totalitarianism (a term Mussolini coined) and authoritarianism were both products of governments struggling with the worldwide depression.

FDR’s New Deal program was modeled on Mussolini’s policies in Italy (which is why he is saddled with the socialist sobriquet so often).

I’m very interested to see what this does to the EU and China. The EU in terms of whether this crisis will fracture that alliance and China in the sense of how far they’ll return to their authoritarian roots.

[Allan from Fallbrook]

svelte: You won’t have to look very far to see what the 1930s produced: Mussolini, Hitler and the Second World War.

Hitler came to power on Germany’s economic woes (and their resentment over the Versailles Treaty). Totalitarianism (a term Mussolini coined) and authoritarianism were both products of governments struggling with the worldwide depression.

FDR’s New Deal program was modeled on Mussolini’s policies in Italy (which is why he is saddled with the socialist sobriquet so often).

I’m very interested to see what this does to the EU and China. The EU in terms of whether this crisis will fracture that alliance and China in the sense of how far they’ll return to their authoritarian roots.

[Allan from Fallbrook]

svelte: You won’t have to look very far to see what the 1930s produced: Mussolini, Hitler and the Second World War.

Hitler came to power on Germany’s economic woes (and their resentment over the Versailles Treaty). Totalitarianism (a term Mussolini coined) and authoritarianism were both products of governments struggling with the worldwide depression.

FDR’s New Deal program was modeled on Mussolini’s policies in Italy (which is why he is saddled with the socialist sobriquet so often).

I’m very interested to see what this does to the EU and China. The EU in terms of whether this crisis will fracture that alliance and China in the sense of how far they’ll return to their authoritarian roots.

[Author]

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