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U.S. Debt – The Simple Truth

It’s About Time We Learn This Simple Truth

Marriner Stoddard Eccles, Sep 8, 1958
Chairman of the Federal Reserve under President Franklin Delano Roosevelt

Marriner S. Eccles, September 8, 1958
Address Responding to Criticisms Leveled by Orval Adams]

Isn’t it up to us to keep our eyes on the important things?

“I think it is unfortunate to say the least to have public attention misled into becoming alarmed over the wrong things. I very much regret that responsible leaders, however conscientiously, nevertheless mistakenly create public alarm over the solvency of the nation or the soundness of its credit. This is just what they do when they call attention to one set of facts or figures without showing their relationship to other facts and figures […]

What seems to me to be vitally important is that the Government shall do all it can both to create an adequate supply of funds and then to facilitate the flow of funds throughout our economy in the most productive way possible — that is, productive of real wealth. That is what, as I see it, the Government has been attempting to do, often clumsily, awkwardly and in effectively.”

Marriner Stoddard Eccles (September 9, 1890 — December 18, 1977)


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