"We chatter to-day of reactionaries, conservatives, liberals, and radicals. It is true that mental attitudes can be classified on this gamut, but in their application as political labels in the United States they have been wholly distorted. For instance, the term ‘liberal’ flows from the word ‘liberty’; it does not come from the word ‘coercion.’ Yet the New Deal has camouflaged itself with this honored term. Of course the dictionary also gives a definition of ‘liberal’ which connotes giving generously and spending freely. This attracts many people, but the dictionary means liberality with one’s own money. A ‘reactionary’ in ordinary times is a gentleman who wants to reëstablish the status quo ante. The New Deal wants to do precisely that—as a matter of fact it is status quo George III or Diocletian. This process has now attained the label of ‘liberal.’"

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