I'm not sure why, but for some reason I always seem to post on major holidays. It was my turn on Thanksgiving, Christmas Day and now New Year's Day. Today I will leave you with a quote that I truly hope is not a prescient view of the next year in investing.
"Another and more fundamental aspect of the crisis involves the decline of American capitalism. It is a crisis of the economic order itself. This is evident in the inability to restore prosperity on any substantial scale. The future is one of incomplete recovery: of economic decline, mass disemployment (including millions in clerical and professional occupations), lower standards of living, and war. Every depression is in a sense a crisis of capitalism."
"Only a deep-going crisis could force government and industry to adopt measures which were formerly condemned as opposed to economic progress. The intervention of government in industry is, of course, nothing new: the development of capitalism has been accompanied by growing government aid to industry. But such aid was limited in scope. It was, economically, an expression of the upswing of capitalism, of the necessity of government action to “regulate” the developing relations of trustified capitalism. But to-day government intervention is on an unprecedented scale. Its economics and politics are an expression of the decline of capitalism, of the necessity of government action to prop up the sagging foundations of the economic order."
This may sound like the rancid sputum of a modern day blogger unfettered and unleashed by the Internet, but it was actually written in 1934 by Lewis Corey.
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