The announcer praises FDR, declaring, "What a leader!" all because the president wanted inflation. Since we have had inflation with ALL presidents since then, I guess that all of the pass the MGM propaganda standard for being "great leaders."
Wednesday, May 30, 2012
Will this be Paul Krugman's Next Blog Post?
Wow! Nearly 80 years ago, Hollywood was channeling Paul Krugman! In this MGM propaganda video, we see how inflation -- yes inflation -- would be the savior of the country! (Note to people who actually believe this propaganda: deflation is an effect, not a cause.)
The announcer praises FDR, declaring, "What a leader!" all because the president wanted inflation. Since we have had inflation with ALL presidents since then, I guess that all of the pass the MGM propaganda standard for being "great leaders."
The announcer praises FDR, declaring, "What a leader!" all because the president wanted inflation. Since we have had inflation with ALL presidents since then, I guess that all of the pass the MGM propaganda standard for being "great leaders."
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4 comments:
I love how they complained about the crash bringing income down faster than the cost of living, but once magical inflation is applied, wages rise right back up to the cost of living! Wow!
It’s a miracle!!! Our problems are solved! Why didn’t anybody see this earlier? All we have to do is debase the currency, whip up inflation fear in the people to create velocity and PRESTO, Happy Days are here again. Wait … Krugman did try to tell us. We didn’t listen. Naive stubborn fools we are. Oh sure this will create massive unemployment in the economics departments of the colleges and universities around the world. We don’t need them anyway, those unproductive sloths. We have Krugman!
I’m so very happy we have found a ……. Wait a minute….. I forgot we have this whole real world economic history thing that debunks this solution. Somebody at the Bureau of Progressive Revisionist History forgot to scrub the record to erase these embarrassing practical contradictions.
My momentary bout of elation about not having to do the tough things to fix the bad behavior has dissipated. Ho Hum
We now resume our regular programming.
As we continue to try to inflate our way out of debt, and Big Ben prepares for QE3 or "Operation, I don't have a clue what to do" ramps up. MY wages will stay the same as they have been for the last five years working for Marty O'Malley and the state of Maryland. We will go on with a new entitlement program we cannot afford, increase Medicaid eligibility, etc, etc. Maybe we should build a high speed rail system in every state, and do away with ATM machines, that should get the bankers bank to work and SAVE the economy. But hey the Ron Paul guy, he's just old and crazy, don't listen to him, God forbid we listen to someone who has an understaning of Austrian Economics!
After watching that video, I have the sudden urge to go out and break some windows...
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