Paul Krugman and other “elite” economists have been pushing inflation as the salvation of the U.S. and world economy, which means that the lessons we learned 30 years ago are stuffed down the Orwellian Memory Hole. As I point out in this Krugman-in-Wonderland post, however, “elite” academic economists and others were claiming the same thing 80 years ago.

This MGM propaganda piece for Franklin Roosevelt and his program of inflation demonstrates that the academic and political classes did not start spreading ignorance just yesterday. Henry Hazlitt wrote that each generation must learn anew the lessons of inflation, although I am not sure that the “elites” among us are capable of learning anything. (Thanks to Woodrow E. McNair for the link to the film.)