Yesterday I posted Part I of this duet. You can see it below. As promised, here is Part II.
They [Bernanke and Greenspan] damned themselves by their cupidity.
Live by the target, then die by the rate,
This is the consequence, naturally.
They sold for credit the soul of the state.
Finance first and foremost was their belief
Thus they encouraged assets to inflate
While withholding from the public relief.
Alan Greenspan was the chairman of the Federal Reserve at the stock market crash in 1987, when he flooded the market with money to prevent a full-blown economic crisis. The practice, quantitative easing, has been with us ever since and is nothing more than injecting the economy with money conjured up out of thin air, i.e., inflation. Ben Bernanke, who succeeded Greenspan, was chairman at the time of the economic meltdown in 2008. Bernanke followed the example of his predecessor, but accelerated the injection of new money, trillions of dollars, into the economy.
All this has been facilitated by computerized control, in which the result can be had by the click of a button–digital creation of new dollars as opposed to printing them, which is more difficult and costly. The practice has continued to the present, worked out by Janet Yellen and the current chair, Jerome Powell. It is not likely to end anytime soon.
“They sold for credit the soul of the state…
While withholding from the public relief.”
Remember this the next time you are tempted to think or hear someone say that the State exists to protect and provide for us. However, the end of the Canto offers us a way out of this madness.
Man is not born into man’s slavery
Nor may he be ruled, even in defeat,
Through the will of another’s knavery.
Ergo the reliance upon deceit
By those who dare think to control the land,
Theirs is no more than the fatal conceit,
Oft shattered by the invisible hand.
The invisible hand refers to unseen forces which move markets in spite of efforts to control them. Adam Smith popularized the term in his work, The Wealth of Nations, in which he posited that free individuals, working in their own self-interest, would supply everything which an economy and society could ask for–without the heavy hand of government regulation and interference.
You can learn more here–
No, man is not born into slavery. Rather, every single person is born free and is enslaved progressively from then on until he or she refuses to be a slave anymore. Some, many, will never escape the bonds and will always be subject to the whims and machinations of others. This does not need to be, though, as everyone has the opportunity to choose to live a life of freedom.