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The Rising Danger Of A Bidless Market — Grant Williams

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1 comment to The Rising Danger Of A Bidless Market — Grant Williams

  • rich

    Goodbye Lenin, Hello Bernanke
    Analysis
    The Drum
    By Ian Verrender

    US Federal Reserve Chairman Ben Bernanke Photo: Former US Federal Reserve Bank head Ben Bernanke pioneered the implementation of “unorthodox monetary policy”. (Chip Somodevilla: AFP/Getty Images)

    In the space of a mere eight years, the former US Federal Reserve Bank Chair Ben Bernanke has managed to achieve what Lenin could barely conceive. He’s convinced the US, the UK, Japan and Europe to embark on a revolutionary journey to completely subvert free market instincts, writes Ian Verrender.

    Maybe it’s just me, but have you noticed the striking similarity between Vladimir Lenin and Ben Bernanke lately?

    Superficially, there’s the obvious physical resemblance; whippet build, glabrous pate, facial hair and a penchant for stylish, if somewhat conservative, garb.

    More significantly, both appear to harbour the same ideological distrust of free markets or, at the very least, a burning desire to control them as much as possible.

    Separated by almost a century, both men have made it a lifelong ambition to impose state control over the economy.

    And it has to be said, while Vladimir Ilyich Ulyanov Lenin achieved significant success in spreading the word from Russia through developing nations, he and his successors never quite got across the line when it came to the so-called free world.

    Maybe it was his reputation as a firebrand, an over-reliance on bloody revolution by force and the frightening prospect – for the ruling elite at least – that wealth would be redistributed to the poor.
    Both Lenin and Bernanke appear to harbour the same ideological distrust of free markets.

    Enter Ben Bernanke. In the space of a mere eight years, the former Federal Reserve chief has managed to achieve what Vladimir could barely conceive. He’s convinced the United States of America, the United Kingdom, Japan and Europe to embark on a revolutionary journey to completely subvert free market instincts.

    Unlike his Russian predecessor, Ben has opted for the calm, congenial exterior of Central Banker from Central Casting, complete with a mogadon monotone designed to lull his audience into a state of torpor.

    He’s also wisely decided to modify the wealth distribution bit. As western governments have raided the kitty, plunging themselves into an ocean of debt, much of the proceeds have flowed directly into asset markets – stocks, bonds and property – which has helped maintain the flow of wealth towards the wealthy. Brilliant!

    As far as kick-starting the real economy, it’s been a dismal failure. Now, after Ben’s Tokyo visit, everyone is betting that he’s urging the newly re-elected government of Shinzo Abe to go one step further and rain cash down on the country from a great height. Helicopter money.

    That’s right, direct cash hand-outs to encourage spending in a last ditch effort to break free of deflation. Money for nothing.

    Right now, around half a billion people covering a quarter of the world’s economy are living under negative interest rates.

    http://www.abc.net.au/news/2016-07-18/verrender-goodbye-lenin,-hello-bernanke/7637378

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