David McWilliams on Bernanke as the cause of Ocasio-Cortez or Political Economy becomes erstaz Theology. Old Socialist comments

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?

https://www.ft.com/content/cbed81fc-3b56-11e9-9988-28303f70fcff

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.

Old Socialist

https://www.ft.com/content/cbed81fc-3b56-11e9-9988-28303f70fcff

 

 

About stephenkmacksd

Rootless cosmopolitan,down at heels intellectual;would be writer. 'Polemic is a discourse of conflict, whose effect depends on a delicate balance between the requirements of truth and the enticements of anger, the duty to argue and the zest to inflame. Its rhetoric allows, even enforces, a certain figurative licence. Like epitaphs in Johnson’s adage, it is not under oath.' https://www.lrb.co.uk/v15/n20/perry-anderson/diary
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