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We Have Nothing To Fear But Fear Itself

We Have Nothing To Fear But Fear Itself

mrtobs1988
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Posted 11/06/09 - 10:52 AM: Subject: We Have Nothing To Fear But Fear Itself	#1
Hello, lately I've been thinking about Roosevelt's statement on his First Inaugural Address that the "Only thing we have to fear is fear". It seems to me that this is a nicely worded statement that does not really mean much, but I have not been able to make sense of it. I was wondering if anybody has any ideas? Thanks for your cooperation and have a great day.

welkin rogue
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Posted 11/07/09 - 07:11 PM:	#2
Well if you want to be pedantic FDR's referring not to fear itself, but the effects of fear. (Just doesn’t have the same ring does it? But anyway, I think in this case it really doesn’t matter which causal link in the chain you identify). In the context of the quote, it’s about economic fear. Expectations have a huge and concrete impact on markets. Collective fear of depreciating stock value leads to rapid supply of stocks which leads to the expected depreciation. Fear of loss of consumer demand leads to laying off workers, which leads to unemployment which leads to loss of consumer demand, etc. Fear and confidence, pessimism and optimism. The same is true of a lot of phenomena. Human psychology has both a reactive and proactive relationship to states of affairs in the world. Unless I'm missing something, thats it. hope I made sense and stated the obvious (insofar as the obvious is true)

123savethewhales
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Posted 11/07/09 - 07:18 PM:	#3
I think it's intended to make no sense to confuse people. The sentence itself creates an infinite loop which prevents any logical conclusion to be drawn out of it. Considering the time period, it's no surprise as to why Roosevelt wanted to stop people from actually thinking about the "cause" of the fear, and focus on the word instead.
Keep it simple.

BitterCrank
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1 of 1 people found this post helpful Posted 11/08/09 - 06:11 AM:	#4
The modern economy, running as it does on credit, requires a high level of confidence in the system of credit and exchange. When confidence in the system weakens, individuals and institutions become very cautious about borrowing / lending / buying / selling / building / planting and so on. Economic activity begins to subside, and a vicious cycle of uncertainty and constriction sets in. The fundamental capacity and needs of the society are the same, but capacity sits idle and needs go unmet. That is what an economic depression is about. The phrase in question, "There is nothing to fear but fear itself" came from FDR's first inaugural address in 1933. The 1929 stock market crash was 3+ years in the past and the American economy was in very deep depression. The current official unemployment rate is now around 10%. During the worst of the depression years, it was 3 times as high. The Great Depression was world wide. The phrase, "There is nothing to fear but fear itself," was, presumably, intended to bolster confidence in the system. After all, the economic capacity of the United States was intact. I do not know how concrete Roosevelt's plans for recovery were. The were probably fairly vague. In any case, an inaugural address would not have been the time to list specific programmatic innovations. Speeches are not magic, of course, and quality rhetoric can only accomplish so much. If the economy didn't pick itself up the following day and get a boom underway immediately, it wasn't the fault of the speech. It was the massive mobilization of production beginning in 1941 that really ended the depression. Fear is a very useful state as long as it doesn't lead to immobilization. It was that "freeze" that Roosevelt was addressing. We can debate what Roosevelt, and the economic elite, felt was the 'real' solution to the depression. Some say that the various programs fielded during the pre-war Roosevelt administration were intended to keep a lid on revolutionary urges. Probably so. But some parts of the Roosevelt program were real and have had enduring benefit - Social Security not least among them.
If you won't fan the flames of discontent, at least don't join the fire department.

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