This is from a February 1938 letter by John Maynard Keynes to Franklin Roosevelt, expressing his alarm at the return to slump in 1937–38, and offering suggestions on how to reverse it. I’ve cleaned up a few marks and jacked up the contrast to make it more legible. The whole letter is really worth reading; it’s full of sentences like “The handling of the housing problem has been really wicked.” The bourgeoisie doesn’t make them like these two anymore. (Click on the graphic to enlarge it.)

Thanks for the pointer, Mike Konczal.