Wednesday :: Aug 25, 2010

Open Thread


by Mary

[Apologies for not showing up for duty. Lately work is consuming all waking moments with nothing to spare for getting an open thread up.]

Today's thought comes off this post from Digby:

Krugman thinks the economic elite are for for monetary tightening because they are biased against easy money and will find any basis they can to justify that. The question then becomes, why would anyone have an bias against easy money unless they are attaching a moral value to it? There can be no scientific basis for rejecting it. It's just another tool in the central bank toolbox right? My guess is that they *believe* the little people must pay the price for the excesses of the elites because that's their natural role in the economic scheme of things and that the economic elites must be left unfettered to "produce" lest they go on strike or otherwise refuse to do their part. (Bond vigilantes! Confidence fairies!) This also requires the little people to pay the price. This is theology not science and not even ideology. They simply believe.

It seems that throughout history, when the elite are looking for causes to their world not working well for them, they tend to look for the sacrificial victims that will set it right with the gods. Wasn't that what drove the Mayans to using human sacrifice to appease the anger of the gods for the devastation of the centuries of drought? And today, it's the application of the shock doctrine that delivers the winnings to the winners and the pain to the rest who must suffer to get things back to normal.

Mary :: 12:00 AM :: Comments (3) :: Digg It!