Word: sternberg
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...Wrong Bucket. Crops-after a slow start in many states-were wonderfully good again. U.S. farmers, pleased at the prospect, were buying grey-market Cadillacs and planning trips to Europe. Farmer John Sternberg of Fulton, Ill. sent a load of Aberdeen Angus heifers to Chicago, got $39.25 a hundred pounds, the highest price per hundred pounds ever paid for heifers on the open market. Ohioans told a story about a farmer who took a bucketful of money to the bank to pay off an $8,000 mortgage.The teller emptied it, said: "There's $10,000 here." Said the farmer...
With the end of the war, which halted a wartime full employment in this country, there has come a companion feature, paradoxical in its implications--the idea that the dismal period of the Twenties, roaring boom and tragic bust, will be repeated. Fritz Sternberg not only believes that the future will follow the same cycle, but that this time the depression will provide the coup de grace of the whole capitalist world. A socialist of the German stripe, non-Communist, but more in sympathy with their viewpoint and efforts than with those of the "reactionary capitalists," it is not difficult...
...more difficult to dispose of surplus goods; the withdrawal of increasing sections of the world from the orbit of capitalist control into that of the socialistic states; the greatly increased productivity of the United States making inevitable and increasing the intensity of the crisis when it comes. In Sternberg's view, these factors will force a major depression with the possibilities of resolving it under the present economic system more remote than they were...
...would attempt to enforce a semi-war program in an effort to preserve their privileges, while assuring a moderate prosperity to the workers. This program would, when combined with a new type of imperialism allied to general reaction, lead to increased dangers of another war. To combat this danger Sternberg falls back on the progressives, urging them to expose this danger and to prepare an adequate foreign as well as domestic program, which will give them a broad basis for action when the crisis strikes...
Despite a logically constructed argument leading to his conclusions, by no means the most radical of these held by "progressives," Sternberg falls down in the crucial section of his treatise in transferring the historical treatment to a practical program While he is quite sure that the old capitalism is doomed. Sternberg's prognostication is clouded by his own uncertainties of the future. The flaws of Sternberg's own blueprints allow little optimism on the coming crisis...