Talk about cognitive dissonance! In the face of ever worsening news on the world economy, Ben Bernanke took a television interview today where he made the most positive words about the financial crisis that anyone has made over the past few months. That is, anyone with any kind of credibility:
“We’ll see recovery beginning next year,” he said but added recovery could be put in jeopardy if “we don’t have the political will”.
Any good doctor will tell a patient that they will get better, but of course will say “but there are risks and there is always a chance, of course, that you will.. err.. die.” Well, doctors vary and some will tend not to use quite such direct language. Doctors also realize that when a patient gets better, it was the patient that got better and the doctor merely gave Nature a bit of a help. But in this case, the doctor is congratulating himself. The reason is that he knows the nature of the patient’s poison, because it was he (or someone close to himself) who probably administered the poison.
But shy, humble Bernanke is really loving his new found power as a central banker with amazing emergency powers to print money and send it where no sane money would ever go. It’s a wonder he hasn’t bought himself some bright red underpants to wear on the outside of his suit. Ok, I am being unfair – he is a multi billionaire, and me? Like most people I probably have a negative net monetary worth.
My point is, though, that Bernanke, a banker, was probably complicit in the financial crisis. It was a financial crisis which spilled over into the rest of the economy. All these bubbles were created by bean counters who do no physical work but survive on exploiting the ignorance of the public (or deceiving the public, depending on your point of view). They and their people in government have created laws and rules which favor the banking and financial sector, forcing people into debt-based slavery. A crisis occurs, the public is blamed, the banks get bailed out at public expense, and now the bankers congratulate themselves on saving the planet form imminent destruction. Crikey!