Vladimir Lenin wasn’t only an excellent communist revolutionary but was also pretty good at playing the propaganda game. In 1903, while leading a tiny poof of a political party that held little popular sway, the savvy Lenin took to calling his band of revolutionaries by the name “Bolshevik,” which all students of the Russian language know means majority. Huh? While at the same time, Lenin began referring to his opponents (the actual majority) as “Mensheviks” or minority. Say what? Was the man mad?
No, actually he was sort of clever. His bold propaganda move became a self-fulfilling prophecy and soon the Bolsheviks swept into power and the Mensheviks were left as nothing more than a historical footnote.
What does this have to do with the year 2012? Quite a bit, actually, when you look at the war of words raging between President Obama and German Chancellor Merkel about how to deal with the still burning European economic flameout. Obama touts a so-called “pro-growth” policy which we all know means to pile on the deficit spending by printing more money designed to stimulate consumer spending. Except it didn’t work here at home when he tried it back in 2009 and
it certainly won’t work overseas any better.
And since when did pro-growth mean spending an economy into oblivion? At the same time, Mr. Obama refers to Merkel’s “austerity” measures as if it were a bad word. Let’s get this straight. It’s a bad thing to tighten one’s belt and rein in spending when you’re out of money? The reality is Obama’s two trillion worth of new money hasn’t decreased unemployment or nudged our economic recession back in the right direction. What it has done is leave our debt-to-GDP ratio at an all-time high and our national currency printing presses begging for mercy.
While Obama tries to frame austerity as undesirable, we at the American Monetary Association, and especially founder Jason Hartman, wonder exactly when it was we began listening to proven idiots for our economic advice? How is it the world press and leaders across the Atlantic don’t descend into giggling fits any time our president opens his mouth about what they should do to get their economic house in order? Excuse us, Mr. President, but you’re doing a bang up job of running the world’s lone remaining superpower into the ground. Do you insist on taking the entire European Union with you? Your street cred is seriously lacking. (Top image: Flickr | Luiz Fernando / Sonia Maria)
The American Monetary Association Team