Quote note (#219)¶
This notorious Andrew Mellon quote — disastrously ignored by Herbert Hoover — might be the XS most favored recommendation of all time (in the realm of political economy, at least):
Liquidate labor, liquidate stocks, liquidate farmers, liquidate real estate. It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up from less competent people.
Anyone who has conniptions about it (which is almost everyone) is part of the problem. Mellon still understands entropy dissipation. No one in a position of political authority has since.
NRx (Outside in version) is the obstreperous alternative history in which Mellon was listened to.