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Monday, March 26, 2012

Ben Bernanke: The Smiling Monetary God-Hero

The Monetary God-Hero for Wall Street and the Bankers gets some more love from the Atlantic.


Some discussion of the Bernanke, the Monetary God-Hero:

naked capitalism:
Roger Lowenstein’s Disgraceful Propagandizing via “Bernanke as Hero” Piece -- 
As Winston Churchill pointed out, history is written by the victors. The big end of finance, having won decisively in the global financial crisis, is in the process of rewriting history to suit its liking. The cover story in the current Atlantic by Roger Lowenstein on Ben Bernanke, titled simply, “The Hero,” is a classic example of this type of revisionist history...

The Fed couldn’t have gotten better PR if it had paid for it. Lowenstein’s account has just enough muted criticism of Bernanke (he was slow to see the severity of the crisis, his critics on the left may have a point in saying he hasn’t been aggressive enough in trying to reflate the economy) to mask its hagiography.

And this sort of spin-meistering is effective. Not only did people at the Atlantic economy conference, which coincided with the release of the piece, take up the “Bernanke did a great job in the crisis” mantra (they seemed to appreciate a piece that reinforced inside-the-Beltway conventional wisdom) but the cover, with a beatific picture of Bernanke and “THE HERO” blazed across his chest, will be seen by lots of people walking by newsstands and have an impact well beyond those who read the piece. As further proof of its faux-objectivity, the title inside the magazine is “The Villain,” to highlight the way (as Lowenstein positions the piece) Bernanke is being unfairly pilloried.

I’ll turn to the major arguments shortly, but one of the things that was particularly annoying was the way it repeatedly gilded a rotting cabbage. These are devices that most readers would miss, by virtue of not reading carefully enough to recognize their construction, or not knowing the terrain well enough to discern how Lowenstein skews his account...
Mish's Global Economic Analysis:
Ben Bernanke: Inflationist Jackass, Devoid of Common Sense, and Clueless About Trade, Debt, History, and Gold
the jackasses at the Fed (and the bubbles they have blown) have without a doubt proven they sure do not know what it is.

As Russia (and numerous other countries) have proven throughout history, the very idea that a bunch of central planners sitting in a room can decide on the proper supply of virtually anything is inane. Only free markets, operating without artificial interference from clueless bureaucrats can do that.
Biiwii TA:
The Hero --
people who care enough to see through the headlines know that he is systematically employing more of what already brought the system to this sorry state. They hate him because he and his ego are reworking the Treasury market to paint a desired picture that all is well and good. They hate him because being astute enough to extrapolate forward, they know that what he is doing paints things a certain way in the short term (for short term benefits to some) while hard wiring in future damage that would continue the progression - measured over years in the era of Inflation onDemand - of ever rising moral hazards.

I don't hate him, because that emotion is counter productive when it comes to managing this mess. He is just the self-satisfied face of those entities that would seek to destroy me (and my big picture investment stance) if I were to allow that to happen.

Look at him... look into those eyes... look at the powerful monetary god casting his gaze upon you...
Monty Pelerins World:
Bernanke is A Goat Not A Hero --
The Atlantic magazine cover of April 2012 features Mr. Ben Bernanke as savior and hero. This is silly even by the media’s standards.

Perhaps the Atlantic has suddenly become a humor magazine or perhaps they are revealing their ignorance of all things economic...

This Atlantic cover is so outrageous that it is likely to be just such a marker. It is likely to be viewed as the watershed of media folly and ignorance that preceded the coming massive economic disruption. This particular cover may be viewed as the signal for the end for the following:
  1. Ben Bernanke, his monetary policies and the Keynesian paradigm upon which they were based.
  2. The deathblow to what remains of the mainstream media’s credibility...
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