Articles
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The Man of Steel and Ben Bernanke
By Al Lewis
Superman and Federal Reserve Chairman Ben Bernanke are both mild-mannered. They are both calm, even in the face of global disasters. They are both sometimes said to be from other planets.
Superman wears an “S” on his chest. Where he comes from, it’s a symbol of hope. Bernanke prefers the “$”. Where he comes from, there is no problem that this symbol cannot solve.
Superman is known as the “Man of Steel,” the title of a movie to be released on Friday. Bernanke could be called the “Man of Steal” given low-interest rate policies said to widen the gap between rich investors and poor retirees living on fixed incomes.
Both men defy gravity. Superman can leap buildings in a single bound. Bernanke is nicknamed “Helicopter Ben” for dropping money from great heights, as his mentor Milton Friedman, famously suggested as a way of fighting deflation.
Reuters
Time is running out for Ben Bernanke.
Superman fights for “truth, justice and the American Way.” Bernanke fights for “globalization,” even to the point of providing cheap U.S. dollars to foreign banks.Both men come from a 1930s mindset. The first Superman comic came out in 1938. Bernanke traces his economic thinking back to the same year as a student of the Great Depression.
Superman sometimes wears his underwear on the outside of his tights. Bernanke more modestly keeps his skivvies beneath his suit, but he works hard to be transparent.
Both men face challenges that are beyond their powers. For Superman, it’s kryptonite. For Bernanke, it’s the unemployment rate.
Superman, unlike other superheroes, is rarely, if ever, mistaken as a villain. Bernanke isn’t so lucky. The left fires at Bernanke for not doing enough to ease the jobless rate. The right fires at him for printing money, enabling Washington’s unprecedented debt binge and punishing savers with low interest rates.
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