Adam Tooze

By central banking standards, this was an experiment in risk, which of course more centrist Democrats like Larry Summers attacked from the very beginning and the GOP rode in on in an utterly cynical way. during the campaign, denouncing inflation and everything else. Whereas you're saying, John, this has been, like it or not, believe it or not, a good time for the least well-paid American workers.

By central banking standards, this was an experiment in risk, which of course more centrist Democrats like Larry Summers attacked from the very beginning and the GOP rode in on in an utterly cynical way. during the campaign, denouncing inflation and everything else. Whereas you're saying, John, this has been, like it or not, believe it or not, a good time for the least well-paid American workers.

A lot of the inequality of the 70s and 80s has been closed up by rises in their wages. Not at the super top. Obviously, the billionaires are better off than ever. But within the workforce, there has been a modest closing of the gap.

A lot of the inequality of the 70s and 80s has been closed up by rises in their wages. Not at the super top. Obviously, the billionaires are better off than ever. But within the workforce, there has been a modest closing of the gap.

Everyone was farming in that period. 80% of Americans were farmers in the Hamiltonian period, right? Right. This policy seems to be taking us back more to 1870. It's great. This is a good exercise. The 1890s. That's what I'm not sure of. The huge waves of migration, the 93 to 96 recession, the 1907 recession, 2021, and then the big kahuna. And then the big one.

Everyone was farming in that period. 80% of Americans were farmers in the Hamiltonian period, right? Right. This policy seems to be taking us back more to 1870. It's great. This is a good exercise. The 1890s. That's what I'm not sure of. The huge waves of migration, the 93 to 96 recession, the 1907 recession, 2021, and then the big kahuna. And then the big one.

The Great Depression, like the most dynamic economy in the world by all means, but the worst governed, the most unstable, incredible inequalities. Patronage, corruption. Class war, the Ku Klux Klan, the whole, you know, that is the, this is what we want.

The Great Depression, like the most dynamic economy in the world by all means, but the worst governed, the most unstable, incredible inequalities. Patronage, corruption. Class war, the Ku Klux Klan, the whole, you know, that is the, this is what we want.

I think to make sense of this is a fascinating conversation. I think we need two extra terms. One is social democracy, which I quite like this reading of the New Deal as Jeffersonian goals by Hamiltonian means. But another way of thinking of the New Deal is it's America's effort at social democracy. In other words, an organized bargain between American workers and capital.

I think to make sense of this is a fascinating conversation. I think we need two extra terms. One is social democracy, which I quite like this reading of the New Deal as Jeffersonian goals by Hamiltonian means. But another way of thinking of the New Deal is it's America's effort at social democracy. In other words, an organized bargain between American workers and capital.

The fact of the matter is that a very large slice of America, particularly in big cities, loves social democracy. They really like that vision. They really like social insurance. They like the LaGuardia vision of well-managed cities. They like the Wisconsin, Minnesota, California.

The fact of the matter is that a very large slice of America, particularly in big cities, loves social democracy. They really like that vision. They really like social insurance. They like the LaGuardia vision of well-managed cities. They like the Wisconsin, Minnesota, California.

There's lots of different variants of it, but it's essentially recognizable as American social democracy, like in Europe. And the partners of the New Deal Democrats in doing this were the professional managerial class. In other words, folks like us. And I read Trumpianism and the Musk element within it as a double attack, right?

There's lots of different variants of it, but it's essentially recognizable as American social democracy, like in Europe. And the partners of the New Deal Democrats in doing this were the professional managerial class. In other words, folks like us. And I read Trumpianism and the Musk element within it as a double attack, right?

In the name of the working class, which is largely non-existent and not in the room, de facto, their immediate victims are civil servants, public servants in federal government doing things like weather forecasting. By the way, demonized.

In the name of the working class, which is largely non-existent and not in the room, de facto, their immediate victims are civil servants, public servants in federal government doing things like weather forecasting. By the way, demonized.

No, they're not. But in many cases, they're not the working class. They are actually university educated middle class people. American class language is confusing.

No, they're not. But in many cases, they're not the working class. They are actually university educated middle class people. American class language is confusing.

How dare you? So this is like some kind of a racket. Right. And that is how I read this current moment as a double attack, effectively continuing the... undermining of the real conditions for working Americans, but with a novel element of a really no holds barred attack on the PMC, on the professional managerial class.

How dare you? So this is like some kind of a racket. Right. And that is how I read this current moment as a double attack, effectively continuing the... undermining of the real conditions for working Americans, but with a novel element of a really no holds barred attack on the PMC, on the professional managerial class.