Wednesday, July 29, 2009

Presumption

MGM produced this video in 1933 to "educate" the U.S. citizens on the benefits of inflation and how it would solve the economic problems of the day. The end of the video defies belief, "Happy days are here again!" it exclaims as it lauds President Roosevelt's leadership.

Before you laugh at MGM for putting this garbage out, reflect upon what the media of our day is doing. This propaganda is analagous to the "green shoots" theories bantered about in our day.

This video demonstrates the sort of economic fallacies popular in our own day, while exploiting the economic ignorance of its own times, that is likely worse now than in 1933. Read Henry Hazlitt's Economics in One Lesson to show how these cockamamie ideas are easily refuted.

In case you'd forgotten your history, the Great Depression was in its infancy in 1933 and would persist for well over a decade after this video was produced. So much for credibility. And somehow we all still listen to these idiots.

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