LAST DITCH OF DEMOCRACY - Majority Rights

arranged productive system, such as Italy was setting up in HER
colonies, and in Abyssinia. You were being rotted by a paleozoic usury
system. I ’spose there are still cavemen and relics of the ice age in the
Republican Party who don’t yet know what was wrong with that system.
It’s a pity ’cause the Republican Party could have built up an opposition
to the infamy of the Democrats.
And of course one of the first steps toward prosperity or toward sanity
would have been to bring the U.S., if not up to date, at least to shorten
the time lag so as the people could have got to where Jefferson had
arrived in 1816, or Gallatin in 1813 as camouflage perhaps to his bonds,
which the New England Yanks were not buying ’cause the privateer
racket paid better, and they did not trust Mr. Gallatin’s government.
I may have been late myself, but not quite as tardy as most of you.
Twenty years ago I had got onto the money racket. Mebbe I have learned
something since then, movin’ round on the continent.
Your economics professors are driftin’ behind. Lot ’em were behind, oh,
SOMEWHAT, when I was last in America, but it ain’t enough for ’em to
just get to where I was in ’39. EUROPE has been a movin’. When I
shifted out of London and Paris, I found a prejudice, what seemed
prejudice, against what was called “money magic.” European economist
saying, “no money magic,” meaning hocus pocus accountancy.
Europe was thinking in terms of the material basis, NOT mercantilist,
but productionist, with distributionist as the corollary. And they go
further than the money reformer, perhaps because they started at the rock
bottom, RAW materials, WORK. After that come the trade routes, and
on top of it all the accountancy. Now being discussed by German and
Italian economists. Not only Funk and Riccardi, but Dr. Hans
Fischboeck. And what that Italian phrase about money magic meant was
simply that you can’t do it with money alone, you can’t do it merely by
changing accountancy IF the material base isn’t there. And that, as