Money And Ethics And Greenspan And Bernanke.

Those who are responsible have to take responsibility! Of course these two men have merely been spokespersons for an institution that never has been and never will be ethical. The Federal Reserve is purely a political instrument.

How did Alan Greenspan handle the ethical dilemma of creating money to manipulate the economy? He did it by mastering the art of deception. He spoke in a language of nuances with an air of humility and detachment. That was the art of deception. The nuances of language were deliberately vague and elusive. The humility and detachment were all a part of the persona for that era of the Fed. Once upon a time Alan Greenspan knew and wrote about the virtues of the gold standard but later chose to be duplicitious for whatever reasons.

How will Ben Bernanke handle the ethical dilemma of creating money to manipulate the economy? It appears that the underlying hypocrisy at the highest level of the Fed is gone since the current Chairman does not see any merits in a gold standard. But the question remains: Is the behavior (creating money to manipulate the economy) ethical simply because the decision-makers are ignorant of the ethics involved?

The degree of secrecy about what is really being done (the details about the steps being taken) is a testimony of the realization across-the-board within the Federal Reserve that it is unethical to create money and distribute the newly created money to those who are favored politically.