The Bernanke Riots
Egypt Is Just the Beginning
(Alternative Right) -- by Richard Spencer --
Viewing scenes of mass riots, looting, blood in the streets, the torching of government buildings, and the Egyptian army opening fire on citizens, most mainstream commentators have discussed the situation in Cairo in the only way they know how—it’s all about “democracy.”
Summed up briefly, Egyptian President Hosni Mubarak is a “brutal dictator” and is finally getting his comeuppance. The solution is for Egypt to hold elections… or rather, hold elections that the Muslim Brotherhood wouldn’t win, for “democracy” means voting in pro-Israel, pro-Washington, and pro-market representatives. At any rate, once Egyptian Twitter is turned back on, liberal utopia will ensue.
More nuanced commentators have noted Washington’s incoherent and frivolous policy of trying to unleash democracy in the Middle East—and finaning such forces—while at the same time giving massive foreign-aid outlays (1.5 billion) to Mubarak’s Egypt in the hope of stability. (It seems that even the most devout neocon, neo-liberal, and globalist recognizes that the true voice of the demos in the Middle East is something close to Islamism.)
Very few have asked the all-important question of “Why now?”—that is, what caused, or at least sparked, this violent uprising, as well as similar affairs in Tunisia, Algeria, and Yemen? The Arab Republic of Egypt had been chugging right along under Mubarak’s dictatorship for some 30 years; indeed, Egypt experienced steady GDP growth of late, putting the lie to the idea that democracy is correlated with economic progress. So again, why now? What has changed? Did Egyptians simply wake up last Thursday morning and collectively decide that they’ve had enough and now want to vote?
In the end, the real cause of the unrest is not autocracy but a mild-mannered, bearded Jewish professor operating in America’s capital—Ben Bernanke.
As Jim Rickards and Tyler Durden have noted, the Egyptian unrest has come at a time of spiking world commodity prices—which means high food prices, which means the poor people are getting hungry and angry.
And commodities aren’t going up due to increasing demand and decreasing supply so much as money printing. The adage that inflation comes about when too many dollars are chasing too few goods holds for world prices of grains, cereals, oil, metals, and the rest.
All central banks are, in some way, responsible for this week’s debacle, as over the past three years, they’ve all been lowering interest rates and seeking to expand their monetary bases. But the real blame should be laid at the feet of the leader of the pack, Bernanke. For unlike the other central bankers, Bernanke has the ability to export his inflation...MORE...LINK