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Hoover Warned "New Deal" May Lead To Fascism, Asserting War In Europe Was Result Of Similar "Planned Economy" | zero hedge
FDR "New Deal" is leading the US to fascism. In a grass roots convention, Hoover stated that "despite every alibi, this depression is the direct result of Government actions. The torch of liberty has been dashed out by some sort of fascism in 14 nations of more than 240,000,000 people - they all undertook new deals under some title, usually planned economy. The New Deal started with a government debt of $21 billion and today finds itself with a debt either direct or guaranteed of $42 billion. It started with 12 million unemployed; it finds itself after five years with 12 million unemployed. If the 12 million unemployed are not due to [overextension in new construction or in capital equipment or speculation requiring liquidation] to what are they due? Why have a recession in the face of low interest rates, no overextension of credit, no oversized inventories, no overextension of capital equipment, no overstock of goods, no speculation. If there are no....
hoover  FDR  NewDeal  barackobama  presidency  greatrecession  greatdepression  history  economics  public  debt  stimulus  sovereign  WWII 
may 2010 by asterisk2a

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