Electoral Bonds Quotes

members of labor unions, and un-organized unskilled workers, will sooner or later realize that their government is not even trying to prevent wages from sinking or to prevent jobs from being exported. Around the same time, they will realize that suburban white-collar workers - themselves desparately afraid of being downsized - are not going to let themselves be taxed to provide social benefits for anyone else. At that point, something will crack. The non-suburban electorate will decide that the system has failed and start looking around for a strongman to vote for - someone willing to assure them that once he is elected, the smug bureaucrats, tricky lawyers, overpaid bond salesmen and post modernist professors will no longer be calling the shots... One thing that is very likely to happen is that the gains made in the past forty years by black and brown Americans, and by homosexuals, will be wiped out. Jocular contempt for women will come back into fashion... All the resentment which badly educated Americans feel about having their manners dictated to them by college graduates will find an outlet pp89-90

It will be hard to dispel the myth that spending big money on advertising is the path to electoral victory, but we do know that if people organize, we can go up against big money and win.

Classical liberalism has been reproached with being too obstinate and not ready enough to compromise. It was because of its inflexibility that it was defeated in its struggle with the nascent anticapitalist parties of all kinds. If it had realized, as these other parties did, the importance of compromise and concession to popular slogans in winning the favor of the masses, it would have been able to preserve at least some of its influence. But it has never bothered to build for itself a party organization and a party machine as the anticapitalist parties have done. It has never attached any importance to political tactics in electoral campaigns and parliamentary proceedings. It has never gone in for scheming opportunism or political bargaining. This unyielding doctrinairism necessarily brought about the decline of liberalism. The factual assertions contained in these statements are entirely in accordance with the truth, but to believe that they constitute a reproach against liberalism is to reveal a complete misunderstanding of its essential spirit. The ultimate and most profound of the fundamental insights of liberal thought is that it is ideas that constitute the foundation on which the whole edifice of human social cooperation is Liberalism: A Socio-Economic Exposition constructed and sustained and that a lasting social structure cannot be built on the basis of false and mistaken ideas. Nothing can serve as a substitute for an ideology that enhances human life by fostering social cooperation—least of all lies, whether they be called "tactics," "diplomacy," or "compromise." If men will not, from a recognition of social necessity, voluntarily do what must be done if society is to be maintained and general well-being advanced, no one can lead them to the right path by any cunning stratagem or artifice. If they err and go astray, then one must endeavor to enlighten them by instruction. But if they cannot be enlightened, if they persist in error, then nothing can be done to prevent catastrophe. All the tricks and lies of demagogic politicians may well be suited to promote the cause of those who, whether in good faith or bad, work for the destruction of society. But the cause of social progress, the cause of the further development and intensification of social bonds, cannot be advanced by lies and demagogy. No power on earth, no crafty stratagem or clever deception could succeed in duping mankind into accepting a social doctrine that it not only does not acknowledge, but openly spurns. The only way open to anyone who wishes to lead the world back to liberalism is to convince his fellow citizens of the necessity of adopting the liberal program. This work of enlightenment is the sole task that the liberal can and must perform in order to avert as much as lies within his power the destruction toward which society is rapidly heading today. There is no place here for concessions to any of the favorite or customary prejudices and errors. In regard to questions that will decide whether or not society is to continue to exist at all, whether millions of people are to prosper or perish, there is no room for compromise either from weakness or from misplaced deference for the sensibilities of others. If liberal principles once again are allowed to guide the policies of great nations, if a revolution in public opinion could once more give capitalism free rein, the world will be able gradually to raise itself from the condition into which the policies of the combined anticapitalist factions have plunged it. There is no other way out of the political and social chaos of the present age.

But however determined this programme of domestic consolidation, following the Reichstag election results of May 1924, not even the votes of the SPD were sufficient to carry the constitutional amendments necessary to ratify the Dawes Plan, which included an international mortgage on the Reichsbahn. Over a quarter of the German electorate had voted for the far right - 19 per cent for the DNVP, almost 7 per cent for Hitler's NSDAP. Almost 13 per cent had opted for the Communists. The two-thirds majority would have to include at least some deputies from the DNVP, intransigent foes of the Versailles Treaty and the progenitors of the 'stab in the back' legend. So concerned were the foreign powers that the American ambassador Alanson Houghton intervened directly in German party politics, summoning leading figures in the DNVP to explain bluntly that if they rejected the Dawes Plan, it would be one hundred years before America ever assisted Germany again. Under huge pressure from their business backers, on 29 August 1924 enough DNVP members defected to the government side to ratify the plan. In exchange, the Reich government offered a sop to the nationalist community by formally renouncing its acceptance of the war-guilt clause of the Versailles Treaty. Nevertheless, on 10 October 1924 Jack Morgan bit his tongue and signed the loan agreement that committed his bank along with major financial interests in London, Paris and even Brussels to the 800-million Goldmarks loan. The loan was to apply the salve of business common sense to the wounds left by the war. And it was certainly an attractive proposition. The issuers of the Dawes Loan paid only 87 cents on the dollar for their bonds. They were to be redeemed with a 5 per cent premium. For the 800 million Reichsmarks it received, Germany would service bonds with a face value of 1.027 billion. But if Morgan's were bewildered by the role they had been forced to play, this speaks to the eerie quality of the reconfiguration of international politics in 1924. The Labour government that hosted the final negotiations in London was the first socialist government elected to preside over the most important capitalist centre of the old world, supposedly committed by its party manifesto of 1919 to a radical platform of nationalization and social transformation. And yet in the name of 'peace' and 'prosperity' it was working hand in glove with an avowedly conservative adminstration in Washington and the Bank of England to satisfy the demands of American investors, in the process imposing a damaging financial settlement on a radical reforming government in France, to the benefit of a German Republic, which was at the time ruled by a coalition dominated by the once notorious annexationist, but now reformed Gustav Stresemann. 'Depoliticization' is a euphemistic way of describing this tableau of mutual evisceration. Certainly, it had been no plan of Wilson's New Freedom to raise Morgan's to such heights. In fact, even Morgan's did not want to own the terms of the Dawes Settlement. Whereas Wilson had invoked public opinion as the final authority, this was now represented by the 'investing' public, for whom the bankers, as financial advisors, were merely the spokesmen. But if a collective humbling of the European political class had been what lay behind Wilson's call for a 'peace without victory' eight years earlier, one can't help thinking that the Dawes Plan and the London Conference of 1924 must have had him chuckling in his freshly dug grave. It was a peace. There were certainly no European victors.