Wednesday, December 11, 2019
Subtle difference
Some articles are comparing 1919 with 2019 in terms of globalism vs populism. It's a weak comparison.
One important point is missing: The populists of 1890-1920 were fakers. Jennings Bryan and his equivalents in the prairies diagnosed the problems of finance-centered capitalism correctly, but offered a prescription that would INCREASE the power of banks. They promised easier borrowing and looser money. They were pluponents, not opponents.
The tools and measurements are different today. Bimetallism no longer makes sense because we abandoned ALL metals in 1971. ZIRP and QE were unthinkable in 1920. But the direction is the same.
Real populists today are NOT fakers. The non-Soros side of the world is getting out of debt and returning to the gold standard.
Among the populists in Sorosia, there's one subtle difference that I didn't notice when I was discussing this a couple years ago.
Jennings Bryan's campaign diagnosed the problems correctly and prescribed wrong. Voters who truly understood the situation had enough info to make a proper decision.
Trump's campaign rhetoric diagnosed the problems correctly AND prescribed correctly. His campaign advocated tighter money, higher interest, and less emphasis on the Dow.
He switched to pluponent AFTER he took office. His real base in NYC knew all along that he would serve them, because he's been serving them for 40 years. They kept quiet for strategic reasons.
Later footnote: Bryan's Pied Piper role is verified. His job was to gather up the dissidents and lead them off the cliff.
Labels: MMT, Pluponents
¶ 7:06 AM
