United States | News & Politics

Chris Hedges, America: The Farewell Tour

The New Deal, as Franklin Delano Roosevelt said, saved capitalism. It was put in place because socialists were a strong and serious threat. The oligarchs understood that with the breakdown of capitalism—something I expect we will again witness in our lifetimes—there was a possibility of a socialist revolution. They did not want to lose their wealth and power. Roosevelt, writing to a friend in 1930, said there was “no question in my mind that it is time for the country to become fairly radical for at least one generation. History shows that where this occurs occasionally, nations are saved from revolution.” In other words, Roosevelt went to his fellow oligarchs and said, “Hand over some of your money or you will lose all your money in a revolution.” And they complied. That is how the government created fifteen million jobs, Social Security, unemployment benefits, and public works projects. The capitalists did not do this because the suffering of the masses moved them to pity. They did this because they were scared.