Sometimes you are pleasantly surprised by things you find in mainstream media. This is one of those times.
Please consider Dismantle Bernanke’s ‘Happy Conspiracy’ … now! by Paul Farrell of MarketWatch.
Any good behaviorist would tell you Bernanke’s got some dangerous biases isolating him from reality (remember two years ago when he was denying the meltdown). His brash claims and radical, secretive policies present a grave danger to American capitalism and democracy.
In fact, Bernanke now appears to be America’s (and the world’s) most dangerous man, far more dangerous than Hank Paulson and the “Goldman Conspiracy” ever was. He’s now acting like the supreme dictator of that larger conspiracy Jack Bogle called the “Happy Conspiracy” in “The Battle for the Soul of Capitalism: How the Financial System Undermined Social Ideals, Damaged Trust in the Markets, Robbed Investors of Trillions — And What to Do About It.”
This indictment of Bernanke as a dictator leading Wall Street’s “Happy Conspiracy” became clear after reading “Dismantling the Temple,” William Greider’s brilliant essay in The Nation magazine. Greider is the author of “Secrets of the Temple: How the Federal Reserve Runs the Country.” Greider’s essay is an absolute must-read for anyone interested in the future of capitalism, the decline of democracy, the next mega-meltdown, and the real “Great Depression 2” … from which Bernanke cannot save us.
The same clueless Congress that did nothing when Paulson and the Goldman Conspiracy nearly bankrupted America is now about to give Bernanke’s out-of-control “Happy Conspiracy” even more power, and another bigger chance to destroy our capitalism.
Here are his “six reasons why granting the Fed even more power is a really bad idea:”
1. More power rewards failure, creating ‘moral hazard’
2. Fed policies will continue destabilizing U.S. and global economies
3. The Fed’s not objective, cannot investigate its own systemic flaws
4. The Fed cannot be trusted to protect taxpayers against Wall Street
5. More Fed power means more companies want ‘too big to fail’ status
6. The Fed will be a rich-man’s club dominating everything from the top
Paul Farrell of expounds upon all all six of those points so inquiring minds will want to read his article in entirety.
Fed Uncertainty Principle In Action
Some of Farrell’s thesis is rather similar to my own Fed Uncertainty Principle, especially:
Uncertainty Principle Corollary Number Two:
The government/quasi-government body most responsible for creating this mess (the Fed), will attempt a big power grab, purportedly to fix whatever problems it creates. The bigger the mess it creates, the more power it will attempt to grab. Over time this leads to dangerously concentrated power into the hands of those who have already proven they do not know what they are doing.
Comparison of Wizards
In Buying into the Rally, Hook, Line, and Sinker I compared Ben Bernanke to Mickey Mouse in the Sorcerer’s Apprentice.
Thanks go to “The Librarian” for this image comparison.
Ben Bernanke vs. Mickey Mouse
“Jade” takes the concept one step further with this combination.
Ben “Sorcerer’s Apprentice” Bernanke
Time For A Sing Along
With thanks to both “The Librarian” and “Jade”, it’s time for a sing along. Don’t be shy. You know the tune.
K-E-Y (Why because we like you)
B-E-R (R because you ralph)
Mike “Mish” Shedlock
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