Home > General Comment > The Messiah reappoints Bernanke…

The Messiah reappoints Bernanke…

In a statement indicating his commitment to an attempt to reflate the economy, the Messiah asked Bernanke to stay on as Federal Reserve Chair.

With Ben Bernanke, Larry Summers, Tim Geithner, Christina Romer, and Brad Setser serving on his economic team, the Messiah appears committed to treating this crisis as an ordinary downturn, using whatever is left of fiscal and monetary tools in a vain attempt to stem the collapse.

The reappointment is an admission that the crisis is far from resolved and will require extraordinary intervention to achieve something which might pass for stability. Bernanke is a student of trhe Great Depression, along with Christina Romer; Summers has published on maintaining the dollar as reserve cuirrency through manipulation of gold markets; Geithner and Setser both were involved in the U.S. dictated restructuring of less developed countries in the Brazil, Mexican, Asian, and Argentina Crises.

The team is very tilted toward imposing massive economic adjustments on ordinary people, bailing out financial giants, beating back threats to the dollar, and extending hours of work.

Since all of this will fail to stabilize the economy, and deflation will continue apace, we are left to wonder how a society organized around wage work will be able to transition to one that is no longer so organized – and cannot be so organized.

A rather distressing question, considering how dependent we are on the far flung, extremely sophisticated, highly complex, mechanism of production and distribution which supports our civilization.

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