A Quote by John C. Bogle
I think it's fairly easy to provide a moral defense of capitalism. It has been - over the last 200 years - the underlying basis for enormous increases in productivity and human welfare and rising living standards, particularly in the United States, and in the industrialized nations but in fact, in most parts of the world.
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9/11 was a signal that we were living in a new world - a world of interdependence, a world in which people could attack the United States not from the outside, but from the inside. It was a sign that the United States, the most powerful country in the world, could watch the cathedral of capitalism at the Trade Center and the heart of its defense at the Pentagon be struck internally, not really across borders, so that borders don't matter anymore.
What the world needs today is a definite, spiritual mobilization of the nations who believe in God against this tide of Red agnosticism. It needs a moral mobilization against the hideous ideas of the police state and human slavery. I suggest that the United Nations should be reorganized without the Communist nations in it. It is a proposal based solely upon moral, spiritual and defense foundations. It is a proposal to redeem the concept of the United Nations to the high purpose for which it was created. It is a proposal for moral and spiritual cooperation of God-fearing free nations. And in rejecting an atheistic other world, I am confident that the Almighty God will be with us.
The Federal Reserve's objectives of maximum employment and price stability do not, by themselves, ensure a strong pace of economic growth or an improvement in living standards. The most important factor determining living standards is productivity growth, defined as increases in how much can be produced in an hour of work.
I think we can end the divisions within the United States. What I think is quite clear is that we can work together in the last analysis. And that what has been going on with the United States over the period of that last three years, the divisions, the violence, the disenchantment with our society, the divisions - whether it's between blacks and whites, between the poor and the more affluent, or between age groups, or in the war in Vietnam - that we can work together. We are a great country, an unselfish country and a compassionate country. And I intend to make that my basis for running.
It seems to me both moral and practical that in the richest in nation in the world that someone working full time shouldn't live in poverty. And studies over the last 20 years in states where we have seen these minimum wage increases show there's no discernible impact on employment growth. In fact, what it does is line low-wage workers' pockets with higher wages.
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.
We believe the way social change occurs in the United States, over the last 200 years, is the democratic process.
During the last two centuries, there have been many deflations throughout the world. Almost all of them have been good ones precipitated by technological innovation, rising productivity, global capital flows, and sustained economic growth. If farm mechanization cuts the price of wheat, you get a rising living standard. This is good.
On the issue past of independence of Germany, after the time of National Socialism, Germany has been given an enormous amount of help particularly and also from the United States of America. A fact that we were able to enjoy German unification is due first and foremost to the help of the United States of America.
I think that capitalism has just gone too far. And it is actually not limited to the United States. The excesses of capitalism is making us suffer all over the world right now.
For a whole historic period after World War II, US capitalism was the strongest in the world and could afford to concede rising living standards.
I think what is true is that there's been an underlying division in the United States. Some of it has to do with the fact that economic growth and recovery tends to be stronger in the cities and in urban areas. In some rural areas, particularly those that were reliant on manufacturing, there has been weaker growth, stagnation, people feeling as if their children won't do as well as they will.
Unfortunately, the United States and a few other governments have used the war on terrorism as a way of violating human rights. I am referring to the case of the Guantánamo Bay prisoners. This violation of the rights of prisoners has been so unbelievable that the United Nations has reminded the United States repeatedly that the treatment of prisoners should take place according to the preestablished conventions of the United Nations.
The Constitution, when it says, "We, the people of the United States, in order to form a more perfect union, establish justice, ensure domestic tranquility, provide for the common defense, promote the general welfare, and secure the blessings of liberty to ourselves and our posterity, do ordain and establish this Constitution for the United States of America," meant just what it said without reference to color or condition, ad infinitum.
For the world to supersede the United States and for the United States to become subservient to the world, which is the United Nations in practical application, just rubs people the wrong way. Because the United Nations is nothing but a fleece organization, fleecing our money, under the guise that we owe it because we've committed so many injustices and transgressions.
I ask particularly that those of you who are now in school will prepare yourselves to bear the burden of leadership over the next 40 years here in the United States, and make sure that the United States - which I believe almost alone has maintained watch and ward for freedom - that the United States meet its responsibility. That is a wonderful challenge for us as a people.
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