Banker steps into the role of superhero … In other ages, we have called on shamans or saints in times of crisis when the usual remedies have not worked. In the stagnant world economy today, we have designated central bankers as our superheroes, and we are relying on their magical monetary powers to restart global growth. As the European Central Bank president, Mario Draghi, whom some have nicknamed Super Mario, said this month: "There was a time, not too long ago, when central banking was considered to be a rather boring and unexciting occupation." Not anymore. No one embodies this new glamour more than Mark Carney, the 48-year-old governor of the Bank of Canada, who has been tapped to lead the Bank of England, making him the first foreign governor in the institution's 319-year history. – Reuters
Dominant Social Theme: Bankers blah, blah, blah … magic … blah, blah, blah … more than human … blah, blah, blah … Godhead … blah, blah, blah …
Free-Market Analysis: Another day, another editorial in Reuters about central banking superheroes.
Are you convinced yet that this is a dominant social theme?
And how exactly does this work? Is it coincidence?
Do all the Reuters columnists sit down in a room together and decide that they will write editorials, serially, comparing central bankers to Superman?
Lord, help us. Good things come in threes, and since this is the second article in a week comparing bankers to superheroes, we expect at least one more.
We were shocked by the initial comparison and wrote about last week: Central Bank Superheroes in the Gears of the Machine. We wrote …
There is so much about this article that doesn't stand up to even the briefest scrutiny. Basically, the article begins as all these sorts of analyses do with central banks firmly in place and pursuing a mission. But who put them there to begin with? We are asked to believe in an ecosystem that is entirely artificial.
Central banks are like alchemists, as the article says? No. Central bankers were provided this alchemical power cold-bloodedly. PEOPLE set up the current system. It didn't spring fully formed like Athena out of the forehead of Zeus.
And why are central banks creating money in "unprecedented amounts"? It is not some sort of mysterious evolution of central banking power. It is part of an expansionary process that has been going on since the beginning of this central banking era about a century ago.
We don't see any reason to change our mind about the ridiculousness of the comparison, even though Reuters has "doubled down" with yet another superhero editorial anthem.
In fact, the comparison is kind of apt in a strange way: Superheroes actually don't exist and neither do central bankers. That is, there is a term "central banker" – but the central banker simply does not do what the job description says he does.
The central banker steps in and adjusts money printing and interest rates to ensure that the economy of which he is in charge is functioning adequately.
In reality, the central banker is merely creating a price fix, transferring wealth from the larger society to his own pocket and to the pockets of those who stand behind him and exercise the real control over the central banking system.
It is a system that is only 100 years old but it has virtually wrecked the world. The incessant booms and busts, each one more virulent than the one that went before, exercises a ruinous centralizing effect on economies. A few in the shadows grow impossibly wealthy while increasingly the rest of society scratches out a living.
The control of the currency is the most devious, brilliant plot ever devised. It is subtle, heinous and effective. Globalists have used it for a century now to pursue their vision of a single international government.
The charade that central banking is anything other than a wealth gathering device for a few has been shattered by the Internet. But that doesn't keep bought-and-paid-for facilities like Reuters from trumpeting the idea that monopoly central banking is a necessity. Here's more:
The bar for Carney could not be higher. A cartoon in the British papers made the point. It showed a Bethlehem inn with Joseph leading Mary on a donkey. The caption above the innkeeper's head declares: "Unless you're Mark Carney, you'll have to make do with the stable."
Carney's star power was reflected in the packed house that turned out in Washington on Thursday to hear him at a Thomson Reuters Newsmaker interview. Carney, who told legislators he hoped his departure from Britain would be "less newsworthy" than his arrival, continued his effort to play down heroic expectations.
He deftly dodged questions about the British economy, saying it was not his job to comment on Britain yet. And he pointed out that fiscal policy — the domain of the elected authorities — and the private sector were the true engines of economic liftoff.
"If we want to talk about ultimate sources of growth, sustainable fiscal policy is a necessary condition. Sustainable growth comes from the private sector, not from the (International Monetary Fund), the Bank of Canada or anyone else," he said.
He also took care to delineate the proper lines of authority between the central bank and the Ministry of Finance, and steadfastly declined repeated invitations to overstep them. "Central bankers take fiscal policy as given," Carney said. "Treasuries take monetary policy as given. That's the separation, and I'm not going to wade in positively, negatively, neutrally."
Within those constraints, though, Carney offered a cautiously optimistic view of the world economy. "The important development in our opinion over the course of the last 12 months or so, is that the quality of private-sector growth in the United States has picked up," he said.
… Carney believes that a crucial element in restoring sustainable global growth is finishing the job of repairing global finance and the regulatory framework in which it operates. As the head of the Financial Stability Board, set up by the Group of 20 major economies in the aftermath of the financial crisis, he is one of the leaders in that effort.
We won't bother to break all of this down into its component parts. Read it for yourself. Carney is being compared to Jesus Christ and to a rock star and, of course, is being presented as a global financial guru.
What is noteworthy comes at the end of this excerpt when the editorialist states that "restoring sustainable growth" will occur once the job is finished of "repairing global finance and the regulatory framework in which it operates."
Sounds like a threat to us.
Subscribe to The Daily Bell and immediately access our free guide:
Freedom in Two Years
How to stop caring about political “sides” and focus your efforts on what will truly make a difference in your life.
This is a guide to individual, not political, action.Yes, deliver THE DAILY BELL to my inbox!