FROM PROFESSOR TO PICKETER: The Lost Generation and the Missing Money

INTRODUCTION: Let Them Eat Cake!
“LET THEM EAT CAKE!” is one of history’s most famous quotations, popularly attributed to Queen Marie Antoinette of France.

The story goes that when she was informed that French peasants had no bread to eat, she supposedly responded: “Qu’ils mangent de la brioche!” More accurately translated, this means, “Let them eat brioche!” Brioche is a rich, buttery French bread.

But here’s the interesting historical twist: Marie Antoinette almost certainly never said it! The philosopher Jean-Jacques Rousseau attributed a similar remark to an unnamed “great princess.” The association with Marie Antoinette emerged much later, in 1843, some fifty years after her execution. Historians believe the story became a convenient way of portraying her as an insensitive, extravagant aristocrat, hopelessly detached from the struggles of ordinary people.

The leadership lesson, however, is timeless. Whether or not she actually uttered those words, the phrase has become one of history’s most enduring metaphors for leadership disconnected from the lived realities of the people it governs. Sometimes, a leader’s greatest failure is not necessarily what they say, but how far removed they have become from the realities their people face. And that is a lesson worth remembering!

REFLECTION (or the Lack Thereof) AT THE REFLECTING POOL
This, to me, speaks volumes about Donald Trump and the Republicans heading into the American midterm elections. There is something profoundly ironic about standing at the Reflecting Pool and failing to reflect on the economic suffering of the people. More importantly, failing to craft a message that acknowledges their anxieties and offers reassurance about their economic realities.

Consider Trump’s November 2 address. The irony is hard to miss:

  • The setting: The Lincoln Memorial Reflecting Pool, on the eve of the midterm elections.
  • The speech: Approximately 54 minutes.
  • The subject: A remarkably detailed account of renovations, including rusty pipes, joints, rebar, paint and algae.
  • The missing emphasis: A compelling closing argument addressing the cost of living, affordability and the economic anxieties of ordinary Americans.

That is precisely the point Barack Obama was making in his October 24 remarks about Trump’s apparent obsession with gold ornaments, White House ballroom decorations and other renovations. Obama’s criticism was essentially that the president seemed more preoccupied with beautifying the White House than addressing the financial pressures confronting American families. And Trump apparently didn’t get it. Neither, it seems, did much of his administration.

The night before the midterms, when the administration had a precious opportunity to make its closing argument to voters, the occasion was squandered on algae, rusted pipes and renovation details! The irony is almost too rich: to stand at a Reflecting Pool and do anything but reflect!

Staying with the water metaphor, perhaps tonight the political descendants of Marie Antoinette will encounter a tidal #wave that jolts them out of their leadership stupor. A blue wave!

A BAD REFLECTION
Perhaps the most extraordinary detail of Trump’s address was that he actually joked about renaming the Reflecting Pool after himself! That is almost too symbolic to ignore.

The tragedy of leadership is not always that leaders fail to see the suffering of the people. Sometimes, they see it but are so preoccupied with their own reflection that they fail to respond.

At the Reflecting Pool, America needed a reflection on the economy, affordability and the anxieties of ordinary families. Instead, it got a presentation on rusty pipes by rusty leadership. Marie Antoinette may never have said, “Let them eat cake.” But the disconnect her alleged words represent remains very real.

Leadership is not about admiring the reflection of power. It is about reflecting on the realities of the people.

And granted, introspection and self-reflection have never exactly been Trump’s strongest attributes. But what about those around him? Where are the advisers and associates with their heads properly screwed on, courageous enough to offer honest feedback? A leader’s blind spots become even more dangerous when surrounded by people who refuse to hold up a mirror.

CONCLUSION: For Offering Cake, You Eat Pie!
Trump and the Republicans may well be in for a trouncing at the polls tonight. For offering cake, they may end up eating humble pie!

The expression “Let them eat cake” has endured as a timeless metaphor for an elite so disconnected from the realities of ordinary people that it cannot even comprehend their suffering. Though the historical accuracy of the quotation remains questionable, its cultural and political significance has endured for centuries.

There is a leadership lesson here that transcends American politics: When leaders become more preoccupied with the appearance of the institution than with the experience of the people it exists to serve, they have a serious leadership problem.

The people are not looking for leaders who merely admire their own reflections. They are looking for leaders who have the humility to look beyond themselves, the empathy to understand their struggles and the courage to do something about them.

Because ultimately, leadership is not about the splendour of the palace, the gold on its walls or the beauty of its reflecting pools. It is about the people!

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4 Comments

  1. Kojo Pieterson says:
    February 13, 2023

    Interesting read and is a very disheartening situation.Is unfortunate those of us with investment culture are in serious trouble.My entire investment for 16 years is in serious jeopardy as getting access to my money is practically impossible.The outfit I invested with claim they have run out of liquidity when it got to my turn to pay me my money.I am not taking it lightly at all, but for now very calm.Yet to take my next line of action following an official complaint to BOG.

    Reply
    • Yaw Perbi says:
      February 16, 2023

      Ei Kojo!
      I feel your pain.
      You and I have been at this for the last 20 years. For is not unjust–may He come through for you and me and us–Ghana.

      Reply
  2. Concerned young Ghanaian investor says:
    February 16, 2023

    I read your book, “Financial Whizzdom” as a young 18-year old. My father bought the book for me when I told him, when I grow up I do not want to be poor.

    Your words in your book really inspired me to learn more about investments. Based on your recommendation, I even went ahead to read “Rich Dad, Poor Dad”. I also attended one of your investment seminars and inspirational talks at Queens Hall, KNUST more than a few years ago. I feel very grateful for your life and your inspiration even though we never actually met.

    It feels very sad that the investment culture you helped to painstakingly build in Ghana, instilling into someone like me, could be this shaken this way by our elders, who I so badly want to respect, and who are not behaving in a way that makes it possible for me to do so.

    I stand with our esteemed pensioners and earnestly pray that the current government of Ghana will honour its bond, its promise to Ghanaian investors and to find more creative, sustainable, hardworking and valuable ways of solving the current debt crisis they got us into than the approach they are currently using. With more power comes more responsibility, and I urge our very wealthy political leaders to show more respect to those who did not necessarily choose the path of wealth, just the path of honest and dedicated service to Ghana.

    Reply
    • Yaw Perbi says:
      February 16, 2023

      Thanks for your bold and clear articulation on this matter. Your last sentence not only deserves a standing ovation, I will be sure to AMPLIFY that through my humble channels. “God bless our homeland Ghana, and make our nation great and strong.” Keep hope alive!

      Reply

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