Tuesday, July 6, 2010

"And Then Kiddies, We'll All Have Noodles in our Soup"



Was this propaganda film made yesterday, or in 1933, just as FDR confiscated the nation's gold? Was that professor in the film Paul Krugman? Couldn't tell. Evidently, no new knowledge has entered the mainstream economics profession since this film was made. Just print money!

"Happy Days Are Here Again!"

5 comments:

Richard said...

Oh of course! Debt collectors are beard-stroking villains who deserve getting the shaft! It makes sense now. Yowzers!

Doug Reich said...

Yes, the villianous banker always should have a fake handlebar mustache and be dreaming of the day when his counterparty can no longer pay him back, and so get the farm which he can apparently sell for more than the value of the loan, but the farmer somehow can not...

HaynesBE said...

Wow. Let's hope that it doesn't take 70 years for people to laugh at the propaganda Obama is putting out now about the health care control bill, or climate change.

Robin Ekman said...

4 minutes into the video, is the narrator trying to make the point that higher purchasing power of the dollar creates unemployment and disproportionate reductions in nominal wages? I wonder if the relationship between production and purchasing power is part of his analysis...

Sometimes the claims of inflationists are so silly it's surprising they can keep a straight face. I think this is what Reisman described as consumptionists (Keynesians) claiming people are poor, because they are rich:
"It is also appropriate to note at this point the inherent absurdity of the overproduction doctrine. In blaming depressions and their accompanying impoverishment on overproduction, the doctrine implies that people cannot afford homes or apartments because they have built too many of them, that they cannot buy food because they have grown too much, that they cannot purchase cars or appliances because they have manufactured too many, in a word, that they are poor because they are rich." (pp. 545-6 in Capitalism)

Doug Reich said...

Robiin,

Exactly. Thanks