Category Archives: Bank Run

The past is present : a book and a movie from the 1940s have useful warnings for today’s socialist urges

Leftists love to rewrite the past, a creative totalitarian approach that allows them to forget all the lessons — both good and bad — that history teaches. For today’s lesson about the past’s relevance, this post looks at one movie from 1946 and one book from 1948 and uses their wisdom to expose socialist fallacies, both about economics and about human thought.

The movie from 1946 is Frank Capra’s It’s A Wonderful Life, the perennial Christmas classic that sees Clarence the Angel teach George Bailey that even an apparently undistinguished, and often frustrated, life can have inestimable value. It popped into my mind when I read an article giving tips for talking to a Leftist about “income inequality,” a catch-phrase justifying government wealth redistribution.

According to Beverly Hallberg, the first thing a conservative should do is seek common ground with the Leftist. After all, conservatives are as hostile to poverty as Leftists are. It’s just that conservatives seek a market-based approach, while Leftists seek a government redistribution approach. The second step in the dialog is to explain that we no longer live in a feudal age that saw wealth locked into

The second step in the dialog is to explain to the Leftist that we no longer live in a feudal age that sees wealth locked into generational land ownership and that is no longer socially or economically stratified. Instead, wealth and class are fluid commodities, with the former working best when constantly reinvested in the marketplace, thereby reinvigorating both the original investor and those downstream from that investment. According to Hallberg, the conservative needs to remind the Leftist about the fact that handing money to the government takes it away from small business owners that create most of the dynamism in the American marketplace:

Read more here.