A Quote by Lewis H. Lapham
Since the eighteenth century the immense expansion of the worlds wealth has come about as a result of a correspondingly immense expansion of credit, which in turn has demanded increasingly stupendous suspensions of disbelief.
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There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.
To combat depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about; because we are suffering from a misdirection of production, we want to create further misdirection -- a procedure which can only lead to a much more severe crisis as soon as the credit expansion comes to an end.
The immense accumulations of fixed capital which, to the great benefit of mankind, were built up during the half century before the war, could never have come about in a Society where wealth was divided equitably.
Government policies try to prevent the emergence of serious unemployment by credit expansion, i.e., inflation. The outcome was rising prices, renewed demands for higher wages and reiterated credit expansion; in short, protracted inflation.
What is needed for a sound expansion of production is additional capital goods, not money or fiduciary media. The credit expansion is built on the sands of banknotes and deposits. It must collapse.
Immense wealth translates automatically into immense environmental impacts, regardless of the intentions of those who possess it.
For almost a century, the Universe has been known to be expanding as a consequence of the Big Bang about 14 billion years ago. However, the discovery that this expansion is accelerating is astounding. If the expansion will continue to speed up, the Universe will end in ice.
England was nothing, compared to continental nations until she had become commercial... until about the middle of the last century, when a number of ingenious and inventive men, without apparent relation to each other, arose in various parts of the kingdom, succeeded in giving an immense impulse to all the branches of the national industry; the result of which has been a harvest of wealth and prosperity, perhaps without a parallel in the history of the world.
To combat the depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about.
Sometimes I wonder how much of these debates have to do with the desire, the legitimate desire, for that history to be recognized. Because there is a psychic power to the recognition that is not satisfied with a universal program, it's not satisfied by the Affordable Care Act, or an expansion of Pell grants, or an expansion of the earned-income tax credit.
Only since the turn of the century has abstraction again become recognized as an artistic means of representation. It was then that one returned to the recognition of the immense role abstraction plays in the human mind by its power of concentration upon absolute essentials.
You can get a lot done when you don't care about credit. My name was not on Medicaid expansion, but it never would have happened without the work that I did. The best leaders are the ones that want results, not credit.
Unfortunately, once an economy is geared to expansion, the means rapidly turn into an end and "the going becomes the goal." Even more unfortunately, the industries that are favored by such expansion must, to maintain their output, be devoted to goods that are readily consumable either by their nature, or because they are so shoddily fabricated that they must soon be replaced. By fashion and built-in obsolescence the economies of machine production, instead of producing leisure and durable wealth, are duly cancelled out by the mandatory consumption on an even larger scale.
When investors, particularly investment bankers, talk about splitting up companies, there's a lot of discussion about multiple expansion, and the reality is multiple expansion is an outcome, not a strategy.
When I was director of the CIA, I knew that we had been - and I'm choosing my words very carefully here - effective in our expansion. We really had - expansion of government agencies and expansion of use of contractors. Effective, we were; efficient, we weren't. And so, as director of the CIA, I went after the inefficiencies part.
In view of the result of attained at the Washington Treaty which, my advisors believe, guarantee peace in the Pacific for some time to come, it is proposed to reduce the establishment of the navy and army, and postpone the expansion of the air force.
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