Welles and I differed, however, in our interpretation of the results of the Munich Conference, he being optimistic, I skeptical. In a radio address on October 3, several days after the conference, in which he described the steps taken by the United States Government just prior to Munich, he said that today, perhaps more than at any time during the past two decades, there was presented the opportunity for the establishment by the nations of the world of a new world order based upon justice and upon law. It seemed to me that the colors in the picture were much darker.
What we also have to recognize is that the deficit levels that I'm inheriting, over a trillion dollars, coming out of last year, that that is unsustainable. At a certain point, other countries stop buying our debt, at a certain point, we'd end up having to raise interest rates, and it would end up creating more economic chaos and potentially inflation.
As to your kind wishes for myself, allow me to say I can not enter the ring on the money basis--first, because, in the main, it iswrong; and secondly, I have not, and can not get, the money. I say, in the main, the use of money is wrong; but for certain objects, in a political contest, the use of some, is both right, and indispensable.
FORMA PAUPERIS. [Latin] In the character of a poor person - a method by which a litigant without money for lawyers is considerately permitted to lose his case.
Deficit spending is simply a scheme for the 'hidden' confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.
To the extent that we've got a fiscal crisis right now, part of it is prompted by a bullheaded insistence on the part of the president, for example, that we should extend all of his tax cuts, make all of them permanent.
And money is not something to go mad about ... Money is for food and clothes and comfort, and a visit to the pictures. Money is to make happy the lives of children.