“We are in the clutches of a political party which caters openly and brazenly to the mob and believes that by pouring out billions of public money, still unequalled, it can remain in power indefinitely. The democratic principles are forsaken and individual liberty and incentives are made a joke. The “New Deal” is a perpetual motion scheme which can never work but is given a semblance of operativeness by unceasing supply of the peoples capital. Most of the measures adopted are a bid for votes and some are destructive to established industries and decidedly socialistic. The next step might be the distribution of wealth by excessive taxing if not conscription.”
Nikola Tesla > JP Morgan Jr. Letter, Hotel New Yorker. November 29, 1934.