‘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.
“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.