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Although the term invokes the Monica Lewinskiscandal as well as Mr. Clinton's other personal indiscretions it had its origin among supporters of Clinton and of liberal/progressive causes.
They use the term to lampoon the perceived tendency of conservatives to "blame Clinton" for all of the nation's ills, and particularly to excuse or justify their own moral indiscretions by making reference to Clinton's.
The Clenis is often credited (albeit satirically) with a remarkable degree of influence over world events, and as such is sometimes referred to as The Mighty Clenis.