William Greider wrote: > In this sorry situation, there is really only one > governing institution with the courage to dissent from > the conventional wisdom-the Federal Reserve. The central > bank declines to participate in the happy talk about > recovery or in the righteous sermons attacking the > deficit. In its muted manner, the Fed keeps explaining > why the house is still on fire, why more aggressive > action is needed, and is gently nudging the politicians > who decide fiscal policy to step up....
It's not that the Fed has "turned left." Instead, its leadership (mostly) knows that if they want to save their main constituency (the banks, Wall Street) in the current situation, they cannot accept right-wing bromides. They have to save the economy from extended or deeper stagnation and deal with the illness spreading from Europe. It's not that they've gone left. If the US working class woke up from its collective slumber, I'm sure that the Fed would pull away from stimulative policies. -- Jim Devine / "In science one tries to tell people, in such a way as to be understood by everyone, something that no one ever knew before. But in poetry, it's the exact opposite." -- Paul Dirac. Social science is in the middle.... and usually in a muddle. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
