Henry Wallace Talks About Inflation – It’s Cause, It’s Cure – 1948 – Past Daily Reference Room
Continuing our revisit of the Henry Wallace 1948 Presidential campaign, here is one of a series of Monday evening talks Wallace gave leading up to election night in 1948.
It’s interesting to note just how Henry Wallace was derided and denounced as a Communist/Socialist/Anarchist. But that how, in retrospect, many of the issues he discusses are issues we’re facing in 2015 – and that the socialist/crackpot denunciation mantra is being bandied about by mainstream media at Bernie Sanders, in much the same fashion as was with Henry Wallace.
This talk, from September 27th 1948 is about Inflation; the High Cost of living – and how inflation was no accident but rather, a profitable venture of Corporate America in order to insure profits. And how the system of controls, which were in place in 1933, were being eroded and abandoned in favor of Big Business.
If much of this has a ring of familiarity to it, it should. Ever since the New Deal was brought about to rescue the country from the ravages of Depression, it’s been under attack by special interests and lobbies to overturn and gut the effectiveness of those controls, in an attempt to return to the pre-Depression days of the 1920s.
Of course, in 1948 it was easy to target Wallace as a radical left-wing Communist dupe. There was a lot of that going on – it was the Cold War after all, and paranoia about Moscow’s plans for world domination fueled considerable fear from mainstream media. This was a time of Hearings and Loyalty Oaths and the Red Scare, and Henry Wallace became marginalized.
But have a listen and see if you notice some stunning similarities between the world of 1948 and the world of 2015, particularly since we’re months away from a Presidential Election year. The heat and rhetoric have already begun, as have the accusations and promises.
Here’s what Henry Wallace had to say on September 27, 1948.
Stay tuned for more in the coming weeks/months.