"But the real joke of course is, that all this isn't a matter of choice anyhow! Capitalism is dying from internal as well as external causes, & its own leaders & beneficiaries are less & less able to kid themselves. I'm no economist, but from recent reading I've been able to form a rough picture of the dilemma—the need to restrict consumers' goods & to pile up a needless plethora of producing equipment in order to maintain the irrational surplus called profit—which has caused orthodox economists like Hayek & Robbins to admit that only starvation wages & artificial scarcity could stabilize the profit system in future & avert increasing cyclical depressions of utterly destructive scope. Laissez-faire capitalism is dead—make no mistake about that. The only avenue of survival for plutocracy is a military & emotional fascism whereby millions of persons will be withdrawn from the industrial arena & placed on a dole or in concentration-camps with high-sounding patriotic names. That or socialism—take your choice. In the long run it won't be the New Deal but the mere facts of existence which will be recognised as the real & inevitable slayer of Hooverism. Nobody is going to "destroy the system"—for it has been destroying itself ever since it evolved out of the old agrarian-handicraft economy a century & a half ago.

All this from an antiquated mummy who was on the other side until 1931! Well—I can better understand the inert blindness & defiant ignorance of the reactionaries from having been one of them. I know how smugly ignorant I was—wrapped up in the arts, the natural (not social) sciences, the externals of history & antiquarianism, the abstract academic phases of philosophy, & so on—all the one-sided standard lore to which, according to the traditions of the dying order, a liberal education was limited. God! the things that were left out—the inside facts of history, the rational interpretation of periodic social crises, the foundations of economics & sociology, the actual state of the world today ... & above all, the habit of applying disinterested reason to problems hitherto approached only with traditional genuflections. Flag-waving, & callous shoulder-shrugs! All this comes up with the humiliating force through an incident of a few days ago—when young Conover, having established contact with Henneberger, the ex-owner of WT, obtained from the latter a long epistle which I wrote Edwin Baird on Feby. 3, 1924, in response to a request for biographical & personal data. Little Willis asked permission to publish the text in his combined SFC-Fantasy, & I began looking the thing over to see what it was like—for I had not the least recollection of ever having penned it. Well .... I managed to get through, after about 10 closely typed pages of egotistical reminiscences & showings-off & expressions of opinion about mankind & the universe. I did not faint—but I looked around for a 1924 photograph of myself to burn, spit on, or stick pins in! Holy Hades—was I that much of a dub at ... only 13 years ago? There was no getting out of it—I really had thrown all that haughty, complacent, snobbish, self-centered, intolerant bull, & at a mature age when anybody but a perfect damned fool would have known better! That earlier illness had kept me in seclusion, limited my knowledge of the world, & given me something of the fatuous effusiveness of a belated adolescent when I finally was able to get out more around 1920, is hardly much of an excuse. Well—there was nothing to be done ..... except to rush a note back to Conover & tell him I'd dismember him & run the fragments through a sausage-grinder if he ever thought of printing such a thing! The only consolation lay in the reflection that I had matured a bit since '24. It's hard to have done all one's growing up since 33—but that's a damn sight better than not growing up at all. Here's hoping that Henneberger (quite a get-rich-quick Wallingford in his way) won't try to blacken me with the letter!"

here's the source if you want to read his letter yourself

https://github.com/punchmonster/Lovecraft-Letters/blob/master/19370207-Catherine-L-Moore.md