Headline: Quantitative easing was the father of millennial socialism
Sub-headline: Federal Reserve’s bid to stave off depression sowed the seeds of a generational revolt
Welcome to Mr. David McWilliams and his brand of Political Economy, that is obsessed with a search for the cause of the New-New Deal : a cunning blend of Herbert Spencer , Oscar Wilde, and Walt Disney. His Enemies List begins with Ben Bernanke and Alexandria Ocasio-Cortez. With additional actors : quantitative easing, millennials , leftwing politics, 2008 crash, unorthodox monetary policy, and other villains too numerous to mention, allied with a host of suggestive economic data, bathed is withering sarcasm.
For the reader without the patience to read this whole tedious essay there is the last paragraph:
For the purist, capitalism without default is a bit like Catholicism without hell. But we have confession for a reason. Everyone needs absolution. QE was capitalism’s confessional. But what if the day of reckoning was only postponed? What if a policy designed to protect the balance sheets of the wealthy has unleashed forces that may lead to the mass appropriation of those assets in the years ahead?
The patient reader might ask what has this amalgam of Herbert Spencer, Oscar Wilde and Walt Disney have in common with a Catholicism, that more closely resembles Calvinism? In the most simplistic terms Bernanke is the Devil and Ocasio-Cortez is his Apostate. The rise of a New-New Deal is the foundation of Mr. McWilliams’ search for the cause of this political manifestation/misfortune that is reduced to a vulgar pastiche of theology.