A capitalist economy hums when leading businessmen are bubbling with animal spirits and are prepared to sink their money into risky ventures.

In the past, the U.S. has shown its capacity to reinvent its gifts for leadership. During the 1970s, in the aftermath of the Nixon abdication and the Ford and Carter presidencies, the whole nation peered into the abyss, was horrified by what it saw and elected Ronald Reagan as president, which began a national resurgence.

Long periods of recession, which tend to be self-perpetuating, are usually ended by war, or by preparations for it.

Paul Johnson Quotes