STAFF NEWS & ANALYSIS
Now Greenspan Advances ‘Populism Vs. Globalism’
By Daily Bell Staff - September 14, 2016

‘Crazies’ Will Undermine the U.S. System … Former Fed chief doesn’t spell out whom he is referring to Says economic and political environment is worst he’s seen … Former Federal Reserve Chairman Alan Greenspan voiced concern that the U.S. economic and political system could be undermined by what he called “crazies.” – Bloomberg

Once again we observe a meme we’ve been covering, populism versus globalism. This time a Bloomberg article presents it using Alan Greenspan as an example of a wise globalist. The “crazies” are, of course, populists like Trump.

We’ve covered this meme here and here. We’re not surprised at its traction. We predicted that it would be a popular type of propaganda because of its topical nature. It can presented in numerous ways.

Again, the idea is always to present global perspective as a wise one and the popular perspective as silly, juvenile, etc.

More:

“It is the worst economic and political environment that I’ve ever been remotely related to,” Greenspan, 90, told a conference in Washington Tuesday evening sponsored by Stanford University and the University of Chicago.

On the economic front, the U.S. is headed toward stagflation — a combination of weak demand and elevated inflation, according to Greenspan. “Politically, I haven’t a clue how this comes out.”

Greenspan is speaking about the 1970’s-style US economy, except one that will end up being a good deal worse than the one 40 years ago..

Additionally, there is little argument historically that actions of fedgov created the problems of the 1970s, beginning with the abrogation of what was left of the gold standard.

But this time around Alan Greenspan wants to make sure that the blame is properly aimed at the politically profligate.

The article predictably presents Trump as a populist and then traces the “rise of populism” to 1896, and William Jennings Bryan. It even mentions Bryan’s Cross of Gold speech.

Greenspan, as a committed globalist, presents his worries about increased government spending on social security and healthcare.

“Nobody wants to discuss it” for fear of a political backlash, he said.

Greenspan wants “entitlements” cut and claims that Bill Clinton (and by extension Hillary) actually did a better job at shrinking entitlements than Republicans. “He turned out to be the best Republican.”

Actually, Greenspan could make mention of trillions spent wastefully by the Pentagon but state security issues are inevitably globalist and thus inviolate. The Pentagon can do what it wants. He won’t go there.

Once again we see the globalist – Greenspan – sorrowfully, wisely, dispensing wisdom. It is certainly flawed by its lack of a wider frame of reference, however.

In fact, it resembles a script more than reality. Greenspan, in fact, is nothing more than an actor when it comes to this meme and the message he is offering is part of a larger presentation of “directed history.”

Conclusion: At some point, people like Greenspan will want to declare that Trump-style populism (whatever that is) has failed and that it is time for sensible, globalist solutions. If this meme moves fast enough, Greenspan may still be alive to see it.

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  • Stark

    It was Sir Alan Greenspan who told us in 1966 that:

    “In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.

    This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”

    He also told us in the 90’s that “Central Banks stand ready to lease gold in increasing quantities should the price begin to rise”

    After his most interesting tenure at the FED, he now tells us (last month) that we need to return to a gold standard.

    I for one, would appreciate Mr. Greenspan putting “crazies” into some context with regard to his own arguably contradictory behavior and statements with respect to his monetary policy

    • Good points. But the meme (above) is mostly Greenspan versus Trump, which fits with the larger analysis.

    • Paul_Morphy

      Greenspan has become irrationally exuberant for gold?
      The audacity is remarkable,

  • Praetor

    Globalist like Greenspan, still believe that 99% of all humanity is stupid.

    Well. Mr. Greenspan I’m apart of the 99% and I can say categorically, and I’m being generous, for the last 150 years (if not longer) the Globalist have been in charge. Mr. Greenspan, you have stated the worlds a mess, who caused that mess to be?

    You be right DB, the Globalist will destroy the worlds economy, and just like Clinton blame it on, well everyone else!!!

  • Paul_Morphy

    “He turned out to be the best Republican.”

    Hmm, no wonder the Senate threw out The Starr Commission report and refused to impeach Bill Clinton.

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