I was not familiar with that phrase, and feel vaguely cheated.
Joel Send a noteboard - 16/08/2011 09:57:30 PM
On the plus side, looking it up on Wikipedia revealed a number of political usages, including its first American occurence:
I found that interesting because, while the manner in which inflated stocks caused the American leg of the Great Depression is well known, what I've never seen anyone (save myself) address until now is how that affected the global economy, and why. Prior to the Depression America (in a way Wallace greatly simplifies) loaned the Central Powers money to pay reparations to the Allied Powers so they could pay interest on war loans from America so we could then loan that money to the Central Powers AGAIN, making interest off both. It was a great system (provided you're a large US bank making large international loans) until the stock market crashed, US unemployment hit 25% and America suddenly had no money to loan the Central Powers (mainly Germany, who got all the blame and thus all the accountability for the Great War). At that point Germanys economy went into a tailspin where it took a wheelbarrow full of deutschmarks to buy a loaf of bread (which always makes me think of the biblical prophecy of "a days wages for a loaf of bread" ) and soon took France and Britains with it. Hitler enters Stage Right.
If you're wondering why you've never heard of Wallace before despite the fact he was VP for a President who died in office, it's because of the successful movement to force FDR to dump Wallace before the 1944 election due to allegations he was up to his neck in commies. From all appearances it actually looks like those allegations were true, that while Wallace himself was not involved, virtually every level of Wallaces CAMPAIGN was riddled with people later revealed to be Soviet spies. Either way, Wallace was replaced with Truman at the Democratic National Convention, and when FDR died six months after the election he was President just in time to drop the first A-bomb. For the record, I included this last part just to prevent partisan accusations that I'm shilling for the Reds.
U.S. Secretary of Agriculture Henry A. Wallace (later U.S. Vice President in Franklin D. Roosevelt's third term) used the term to describe the unrealistically inflated value of stocks on the New York Stock Exchange just before the crash of 1929 that signaled the onset of the Great Depression. In his 1936 book, Whose Constitution? An Inquiry into the General Welfare, Wallace describes a cartoon in a popular weekly magazine which "pictured an airplane in an endurance flight refueling in mid-air, and made fun of the old fashioned economist down below who was saying it couldn't be done. The economic aeroplane was to keep on gaining elevation indefinitely, with the millennium just around a cloud" (p. 75). Wallace wrote that Wall Street's practice of lending money to Europe after World War I "to pay interest on the [war reparations] debts she owed us and to buy the products we wanted to sell her … was the international refueling device that for 12 years kept our economic aeroplane above the towering peaks of our credit structure and the massive wall of our tariff, in Cloud-Cuckoo Land" (p. 77).
I found that interesting because, while the manner in which inflated stocks caused the American leg of the Great Depression is well known, what I've never seen anyone (save myself) address until now is how that affected the global economy, and why. Prior to the Depression America (in a way Wallace greatly simplifies) loaned the Central Powers money to pay reparations to the Allied Powers so they could pay interest on war loans from America so we could then loan that money to the Central Powers AGAIN, making interest off both. It was a great system (provided you're a large US bank making large international loans) until the stock market crashed, US unemployment hit 25% and America suddenly had no money to loan the Central Powers (mainly Germany, who got all the blame and thus all the accountability for the Great War). At that point Germanys economy went into a tailspin where it took a wheelbarrow full of deutschmarks to buy a loaf of bread (which always makes me think of the biblical prophecy of "a days wages for a loaf of bread" ) and soon took France and Britains with it. Hitler enters Stage Right.
If you're wondering why you've never heard of Wallace before despite the fact he was VP for a President who died in office, it's because of the successful movement to force FDR to dump Wallace before the 1944 election due to allegations he was up to his neck in commies. From all appearances it actually looks like those allegations were true, that while Wallace himself was not involved, virtually every level of Wallaces CAMPAIGN was riddled with people later revealed to be Soviet spies. Either way, Wallace was replaced with Truman at the Democratic National Convention, and when FDR died six months after the election he was President just in time to drop the first A-bomb. For the record, I included this last part just to prevent partisan accusations that I'm shilling for the Reds.
Honorbound and honored to be Bonded to Mahtaliel Sedai
Last First in wotmania Chat
Slightly better than chocolate.
Love still can't be coerced.
Please Don't Eat the Newbies!
LoL. Be well, RAFOlk.
Last First in wotmania Chat
Slightly better than chocolate.
Love still can't be coerced.
Please Don't Eat the Newbies!
LoL. Be well, RAFOlk.
Why Isn't Wall Street in Jail?
16/08/2011 04:43:09 PM
- 623 Views
because there isn't enough room for that large a street?
16/08/2011 09:12:53 PM
- 396 Views
Perhaps some truth to that.
16/08/2011 09:24:02 PM
- 298 Views
cloud cuckoo landers are always right *NM*
16/08/2011 09:33:11 PM
- 143 Views
I was not familiar with that phrase, and feel vaguely cheated.
16/08/2011 09:57:30 PM
- 464 Views
yeah
16/08/2011 10:20:32 PM
- 275 Views
I forgot to mention the what the US did with post war Europe is much like China is doing with us now
17/08/2011 01:13:14 AM
- 391 Views