Nov

14

I am still looking for the proper expression for pretending that you are economical when you are a spendthrift, for pretending to have the public's interest at heart , when you are giving money to your friends and clients, for pretending that you're giving someone a good deal when you're setting up a big con. Where is Zachar when you need him?

George Zachar responds: 

I'm so depressed about all this, my fingers are scraping the bottom of my bon mot bucket. The classic definition of a demagogue is someone who deliberately tells lies to people he believes to be fools, so the fed chair certainly falls into that category. But there's also an element of affinity fraud, as he evokes the cool, disinterested, public servant technocrat. It's an awful, criminal deceit being perpetrated on the whole world, given that the dollar is/was the basis for the planet's financial system. Ben Strong and Norman Montague escaped the verdict of history for engineering the 1929 stock bubble/crash and the awful decade that followed. i don't think Bernanke will have such luck.


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