Now, it's not Bernanke's fault that he can't handle the task of running the global economy. No individual can. That's the beauty of both capitalism and democracy -- the idea is that collective intelligence generally trumps individual intelligence. No matter how smart Einstein was, the agglomerated knowledge of the rest of the world's population dwarfed Einstein's. And when it comes to making personal financial and business decisions, no one person can be expected to know everybody's priorities, preferences and desires.
That's why the decentralization so integral to capitalism works so well. And that's why businesspeople all over America are running scared from a newfangled economic system that puts one or two men at its head. If they change their mind, the whole economy changes over night. When Ben Bernanke decides to inflate the currency, markets respond; when he decides not to, markets also respond. There's been no change in the underlying business value of the various enterprises around the country. Ben Bernanke just sneezed, and we all jump.
That's a problem. But it's a problem Obama likes. He wishes that folks like Bernanke had more control -- they could build our businesses for us or redistribute business assets as they saw fit. More czars would mean more businesses. Bigger government would mean bigger financial gains.
It's nonsense. And that's why Obama's still wrong. Unfortunately, though, his vision is now becoming a reality.
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