The Cult of Impotence: Selling the Myth of Powerlessness in the Global Economy

J.L. Granatstein, distinguished research professor emeritus of history
at York University, is the author of Who Killed Canadian History?, and
co-author of The Canadian 100: The 100 Most Influential Canadians of the
20th Century and the Dictionary of Canad

Bestselling author Linda McQuaig has made a career out of attacking
financial sacred cows. She gets bankers and rich publishers very angry,
but there is no doubt that she has advanced public understanding and
public debate. The Cult of Impotence is a book that tackles head-on the
arguments that the budget deficit is the most important issue, that the
bankers are always right, and that nations are helpless in the face of
world currency flows and irate bondholders.

Whether one agrees with her or not, McQuaig does her job well. By
focusing on a few key players, she puts a human face on issues that most
Canadians find impenetrable. Moreover, while some chapters remain hard
going, she can sometimes almost make economics fun, which is no mean
feat. It is when McQuaig goes back into history that The Cult of
Impotence wobbles. Her account of the dollar shortage that produced the
Marshall Plan after World War II is very weak, and she has a tendency to
misidentify historical figures and bowdlerize the past.

These are minor sins, however, in the context of this book, which
focuses on the last decade. The Globe and Mail can sneer, but the key
question—Is she right?—almost always goes unanswered. Beyond doubt,
the policies that so successfully combated the budget deficit have left
thousands unemployed and with long waits for lower unemployment
insurance or welfare payments. McQuaig is right to say “some
victory,” and her book deserves close reading.