It continues to be my strong belief that the way we are going to make sure that everybody feels a part of this global economy is not by shutting ourselves off from each other, even if we could, but rather by working together more effectively than we have in the past.
All that was great in the past was ridiculed, condemned, combated, suppressed — only to emerge all the more powerfully, all the more triumphantly from the struggle.
All this Americanising and mechanising has been for the purpose of overthrowing the past. And now look at America, tangled in her own barbed wire, and mastered by her own machines.
If we pursue this way, if we are decent, industrious, and honest, if we so loyally and truly fulfill our duty, then it is my conviction that in the future as in the past the Lord God will always help us. In the long run He never leaves decent folk in the lurch. Often He may test them, He may send trials upon them, but in the long run He always lets His sun shine upon them once more and at the end He gives them His blessing.
When remedies are past, the griefs are ended By seeing the worst, which late on hopes depended. To mourn a mischief that is past and gone Is the next way to draw new mischief on. What cannot be preserved when fortune takes, Patience her injury a mockery makes. The robb'd that smiles steals something for the thief; He robs himself that spends a bootless grief.
Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
I believe in black holes. I believe that as the universe empties into nothingness, past and future will smack together in the last swirl around the drain.
We are seeing, then, that our experience is altogether momentary. From one point of view, each moment is so elusive and so brief that we cannot even think about it before it has gone. From another point of view, this moment is always here, since we know no other moment than the present moment. It is always dying, always becoming past more rapidly than imagination can conceive. Yet at the same time it is always being born, always new, emerging just as rapidly from that complete unknown we call the future. Thinking about it almost makes you breathless.
Whenever our ethnic or national prejudices are aroused, in times of scarcity, during challenges to national self esteem or nerve, when we agonize about our diminished cosmic place and purpose, or when fanaticism is bubbling up around us - then, habits of thought familiar from ages past reach for the controls.
We all live in the past, because there is nothing else to live in. To live in the present is like proposing to sit on a pin. It is too minute, it is too slight a support, it is too uncomfortable a posture, and it is of necessity followed immediately by totally different experiences, analogous to those of jumping up with a yell.
The goal ever recedes from us. The greater the progress the greater the recognition of our unworthiness. Satisfaction lies in the effort, not in the attainment. Full effort is full victory.