Beyond Fear

More words from the past, in this case, from Franklin Delano Roosevelt's 1933 inaugural address, his first. His assertion, in the depths of the Great Depression, that "the only thing we have to fear...is fear itself" has become the most celebrated and quoted aspect of the speech, but often ignored in the history books is Roosevelt's strong attack upon the system of capitalism, how the abuses within the system led directly to the problems facing the nation in 1933, and the need for overhaul and strict regulation to make "income balance outgo". Such deviation from standard American business-think was startling then, and almost unthinkable today. If Obama's speech never approached Roosevelt's level of outrage, there were still echoes yesterday in his denunciation of financial abuses and greed. It's worth revisiting Roosevelt's words.

...our distress comes from no failure of substance. We are stricken by no plague of locusts. Compared with the perils which our forefathers conquered because they believed and were not afraid, we have still much to be thankful for. Nature still offers her bounty and human efforts have multiplied it. Plenty is at our doorstep, but a generous use of it languishes in the very sight of the supply.

Primarily, this is because the rulers of the exchange of mankind's goods have failed through their own stubbornness and their own incompetence, have admitted their failures and abdicated. Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men.

True, they have tried, but their efforts have been cast in the pattern of an outworn tradition. Faced by failure of credit, they have proposed only the lending of more money. Stripped of the lure of profit by which to induce our people to follow their false leadership, they have resorted to exhortations, pleading tearfully for restored conditions. They know only the rules of a generation of self-seekers.

They have no vision, and when there is no vision the people perish. The money changers have fled their high seats in the temple of our civilization. We may now restore that temple to the ancient truths.

The measure of the restoration lies in the extent to which we apply social values more noble than mere monetary profit. Happiness lies not in the mere possession of money, it lies in the joy of achievement, in the thrill of creative effort.

The joy and moral stimulation of work no longer must be forgotten in the mad chase of evanescent profits. These dark days will be worth all they cost us if they teach us that our true destiny is not to be ministered unto but to minister to ourselves and to our fellow-men.

...in our progress toward a resumption of work we require two safeguards against a return of the evils of the old order: there must be a strict supervision of all banking and credits and investments; there must be an end to speculation with other people's money, and there must be provision for an adequate but sound currency.

These are the lines of attack.