"There is another frightful blunder which the Socialists have committed. In taking over the railroads, the coal industry and others, they have bought the properties outright from the corporations and stockholders who owned them. They have paid for them with British bonds paying three per cent interest. With each new industry taken over, the government has added another mass of obligations to its already crushing national debt. Now the folly of this lies in the fact that, under the old order, the stockholders had no claim for profit if none were made by the industry. But all these stocks—pure risk investments—have been converted into government bonds—which are a fixed charge upon the government, whether the industry makes a profit or not. And as all these industries have been operating at a greater or lesser loss, the government has had to find in taxes the means of paying this debt."
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Activists from the United StatesAnti-communists from the United StatesAnti-war activistsConspiracy theoristsJournalists from Maryland
Original Language: English
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pp. 46-47
https://en.wikiquote.org/wiki/John_Thomas_Flynn
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John Thomas Flynn
John Thomas Flynn (October 25, 1882 – April 13, 1964) was an American journalist known for his opposition to President Franklin D. Roosevelt and the United States' entry into World War II.
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