The biggest myth in the US in the 20th century was that Russian Bolshevism was a form of "Marxism". Absolutely beyond my comprehension how any rational person could have believed this, but it suited the powers that be well in the time of cold war. They could always point to Russia as a strawman when attacking what a "Marxist" society would be like in practice. But in Russia there was, of course, no control by the proletariat over anything. Much closer to fascism in which you have a small ruling elite who makes all the decisions.
The biggest myth in the US in the 21st century so far seems to be that it was "QE" that was primarily responsible for how mild the recession following the 2008 market crash was. In truth, QE only helped for a bit and only so much. What really helped the economy bounce back was the wave of new technology and shortening of the product cycle. QE turned into a hindrance after a while. What was needed was higher rates so that banks would have incentive to lend beyond people who didn't need loans. Which is why you saw the big market rally after Trump won.
So just remember what is the real driver of the market rally next SJG or RickyBoy or stevie-girl come out with one of their "the sky is fall because the S&P was down more than 1% today" posts.


I get the feeling that there are many on TUSCL who believe the two extraordinary popular delusions I mentioned in the OP.