Here is The Great Will (TGW) working a more oblique angle on the Austerity argument which is the latest propaganda offensive being repeated by the former acolytes of The Free Market Ideology. He locates himself outside of the great hive of American Politics, Washington, D.C. and places himself and this episode of The American Political Melodrama in Kansas City, Missouri. His protagonist is his narrative is one Ted Hoenig, ‘a president of one of The Federal Reserve’s 12 regional Banks’. Mr. Hoenig’s major concern is the ‘free money’ being printed by the Federal Reserve in Washington, D.C. This is the animating idea, the focus of the dramatic action with a walk-on by David Rosenberg of Gluskin Sheff in Toronto with some bad news about the rise in aggregate wages and salaries and the rise in prices of grocery and gasoline, being equal to each other, dire news indeed. Mr. Hoenig is our dramaturge’s Cassandra predicting dire, even horrific economic news: fully connected to a demonstrable government economic irresponsibility. A small aside: To argue in another key: dare we compare the Derivative, that engine of prosperity, fabricated by unfettered Capital , to the profligate government promotion of ‘free money’, or are they of equal value argumentatively? But more to the point, is the Malfeasance of Capital of the same economic magnitude as the Malfeasance of Government? Or are they equal in their destructive consequences? – Questions to ponder. Mr. Hoenig is given the final words in this essay regarding too-big-to-fail financial institutions and Capitalism as a compromised practice in American life, fitting rather nicely with the Economic Romanticism of our author.
Almost Marx
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