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You Shall Not Crucify Mankind Upon A Cross Of 2% PCE Deflator Targeting

Damn fine speech if you excise the city-bashing and some of the stuff about Andrew Jackson:

Mr. Carlisle said in 1878 that this was a struggle between “the idle holders of idle capital” and “the struggling masses, who produce the wealth and pay the taxes of the country,” and, my friends, the question we are to decide is: Upon which side will the Democratic party fight: upon the side of the “idle holders of idle capital” or upon the side of “the struggling masses”? That is the question which the party must answer first, and then it must be answered by each individual hereafter. The sympathies of the Democratic party, as shown by the platform, are on the side of the struggling masses who have ever been the foundation of the Democratic party. There are two ideas of government. There are those who believe that, if you will only legislate to make the well-to- do prosperous, their prosperity will leak through on those below. The Democratic idea, however, has been that if you legislate to make the masses prosperous, their prosperity will find its way up through every class which rests upon them.

The point is that while there is a conflict of interests between debtors and creditors, it’s not a zero-sum game. One path secures the interests of creditors at the price of reducing overall output.

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