“Demagogues always do well in economic downturns.”

— John Avlon

Glenn Beck and the History of Americas Worst Demagogues, September 2, 2010, The Daily Beast http://www.thedailybeast.com/articles/2010/09/02/glenn-beck-and-the-history-of-americas-worst-demagogues.html?cid=tag:all2,

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John Avlon 9

American journalist 1973

John Townsend (1952) Canadian clinical psychologist and author

Where Is God (2009, Thomas Nelson publishers)

“Creative destruction can apply to economic concepts as well. And this downturn offers an excellent opportunity to get rid of one that has long outlived its usefulness: gross domestic product. G. D. P. is one measure of national income, of how much wealth Americans make, and it’s a deeply foolish indicator of how the economy is doing. It ought to join buggy.”

Eric Zencey (1953–2019) American writer

Eric Zencey, in G.D.P. R.I.P. http://www.nytimes.com/2009/08/10/opinion/10zencey.html?pagewanted=all&_r=0, The New York Times, 9 August 9, 2009

“The problem for China is political. China is held together by money, not ideology. When there is an economic downturn and the money stops rolling in, not only will the banking system spasm, but the entire fabric of Chinese society will shudder. Loyalty in China is either bought or coerced. Without available money, only coercion remains. Business slowdowns can generally lead to instability because they lead to business failure and unemployment. In a country where poverty is endemic and unemployment widespread, the added pressure of an economic downturn will result in political instability.”

George Friedman (1949) American businessman and political scientist

Source: The Next 100 Years: A Forecast for the 21st Century (2009), p. 96

“Thanks to the work of John Maynard Keynes and of Milton Friedman, we now have a better understanding of how governments can (at least in principle) reduce the severity of major economic downturns. Keynesian economics taught us that government spending can raise GDP and reduce unemployment.”

Martin Feldstein (1939–2019) American economist

"Economic Conditions and U.S. National Security in the 1930s and Today" (2009).

“Duty is collective as well as personal. Law must rest on the eternal foundations of righteousness. Industry, thrift, character, cannot be conferred by act or resolve. Government cannot relieve from toil. Do the day's work. If it be to protect the rights of the weak — whoever objects — do it. If it be to help a powerful corporation better to serve the people, whatever the opposition, do that. Expect to be called a stand patter, but don't be a stand patter. Expect to be called a demagogue, but don't be a demagogue. We need a broader, firmer, deeper faith in the people, a faith that men desire to do right, that the government is founded upon a righteousness which will endure.”

Calvin Coolidge (1872–1933) American politician, 30th president of the United States (in office from 1923 to 1929)

1920s, Duty of Government (1920)

“From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts.”

Ron Paul (1935) American politician and physician

Before the US House of Representatives, introducing the The Federal Reserve Board Abolition Act, H.R. 833. http://www.lewrockwell.com/paul/paul504.html (9 February 2009)
2000s, 2006-2009

“Today, as we face a retreat from the rules-based, liberal global order, with autocratic rulers and demagogues leading countries that contain well over half the world’s population, Fukuyama’s idea seems quaint and naive.”

Joseph E. Stiglitz (1943) American economist and professor, born 1943.

"The end of neoliberalism and the rebirth of history" https://www.socialeurope.eu/the-end-of-neoliberalism-and-the-rebirth-of-history, Social Europe, November 2019

“I had no idea in 1933 what economics was, but I did well in the subject from the start, and when I graduated in 1937 with first class honours LSE gave me a scholarship to do a PhD in industrial economics.”

W. Arthur Lewis (1915–1991) Saint Lucain economist

Lewis (1979). " Sir Arthur Lewis - Biographical http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1979/lewis-bio.html," cited in: Toporowski, Jan. "Sir William Arthur Lewis (1915–91)." Fifty Key Thinkers on Development (2006): 144.

“Do Christian Republicans not understand the fundamental ways in which an unfettered corporate capitalism betrays Christ’s ethical vision and their own economic well-being?”

Curtis White (1951) American academic

"The spirit of disobedience: an invitation to resistance"

“War is no longer made by simply analysed economic forces if it ever was. War is made or planned now by individual men, demagogues and dictators who play on the patriotism of their people to mislead them into a belief in the great fallacy of war when all their vaunted reforms have failed to satisfy the people they misrule.”

Ernest Hemingway (1899–1961) American author and journalist

Notes on the Next War (1935)

“Demagogues always do well in economic downturns.”

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