“Bernanke’s Perry Problem” by Paul Krugman (TIMES, 8/26/11)


     What a relief to know that the United States is not experiencing a depression!  We can weep tears of joy because it is only “a quasi-permanent state of depressed demand and high unemployment.”

     Krugman, one of the better economic reporters watching the situation, goes on to say “the U.S. economy remains deeply depressed,” it is “now very much in a Japan-type economic  trap, only more acute,” and he doesn’t see any end to this “ongoing economic disaster.”  But, praise be the economic pundits, it is not a depression!

     Wrong!  We have been witnessing the development of a worldwide depression during these past four years and it cannot be hidden any longer.  Therefore, in order to revive the economy, it is first necessary to acknowledge that we are experiencing a depression that will require a major effort to end.  More Americans have to realize that this downturn cannot be passed off as a recession that will run its course in due time.

     Instead of worrying about Rick Perry (who will probably not be the GOP nominee for president), Krugman should be addressing his concerns to President Obama.  The current crop of Republican presidential candidates are noisemakers trying to attract attention, so should not be taken seriously.  They are the preliminary acts of a variety show; the big star is still hidden in the wings.

     We saw in the 2000 presidential campaign how John McCain was garnering the majority of the votes in the early Republican primaries but the people with the money did not want him, then George W. Bush was finally able to win South Carolina and the race was over.  In other words, the Republican leadership disregarded the preferences of their voters.  The fat cats had something else in mind, what I came to see as a shadow  presidency, and they got their way back then.  Poor W!  He had to eat with Uncle Dick once a week for the entire eight years he was officially the president of the United States.

     I suspect we are going to see something like that this time around too.  The leaders of the Grand Old Party have a bunch of candidates at hand which needs to be whittled down to a manageable “short list,” people (all probably white men) who will uphold monopoly capitalism and the New World Order, though disguised as “merchants of free enterprise” and “harbingers of democracy.”

     Their candidate will probably be David H. Petraeus, an “honorable soldier” who they hope will outshine a “weak president” their party scoundrels have  helped create.  Right now, the American public is being treated to the tearing down of Obama but, when they are ready, the GOP power brokers will reveal their bright star at center stage, and he might look better than his opponent.

 

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