Central banks are printing money as though the global economy is in freefall … Central banks around the world are now spending $200 billion a month on emergency economic stimulus measures, pumping this money into their economies by buying bonds. The current pace of purchases is higher than ever before, even during the depths of the financial crisis in 2009. –Quartz
From Quartz we learn that central banks are desperate to salvage the world economy.
This is a terrific dominant social theme – elite propaganda – and as such we have trouble with the entire narrative.
We’re supposed to believe after over a century of central banking that those “running the show” aren’t entirely sure of what to do and how to do it.
We are also supposed to believe they are trying very hard and doing their best.
In the case of chairmen like Ben Bernanke, we’re supposed to give them credit for being imaginative and creative.
Faced with the implosion of 2008, Bernanke did the only thing he could. He began printing with abandon.
Supposedly he sent trillions of dollars around the world, which is illegal because the Fed is responsible for US monetary operations and is not supposed to be funding financial institutions outside of the US.
But if Bernanke did do that – and it seems obvious he did – then we’re supposed to give him credit for his imagination and boldness.
When he decided to buy bonds directly in the marketplace to provide a semblance of demand, Bernanke was praised again.
We didn’t think any of it was especially praiseworthy and said so at the time.
But a theme was in operation. People were supposed to think well of central bankers because they were trying so hard.
That hasn’t changed. More:
Alberto Gallo, a fund manager at Algebris Investments, says we are in a state of “QE infinity” with persistently low growth, low interest rates, and central bank policies that don’t fix things.
“They won’t ever say they’re out of ammunition, but central bankers are starting to look like naked emperors,” Gallo wrote in an article for the World Economic Forum.
The criticism central banks face for enacting these policies—that many argue increases inequality—is getting more heated.
Again the emphasis here is on central bank dysfunction rather than the probable reality, which is that current global depression is part of a necessary dialectic.
Those running the world want to globalize it. Of that, there’s no doubt. And globalization necessarily demands what we can characterize as chaos.
And out of chaos a new order. A world order.
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