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Topic: Re: A Looming Disaster?: Appointment of Larry Summers to Chairmanship of the Federal Reserve
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GS Chandy

Posts: 8,307
From: Hyderabad, Mumbai/Bangalore, India
Registered: 9/29/05
Re: A Looming Disaster?: Appointment of Larry Summers to Chairmanship of the Federal Reserve
Posted: Aug 1, 2013 4:03 PM
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Richard Hake posted Jul 31, 2013 7:46 PM (GSC's remarks interspersed):
> Some subscribers to Math-Teach might be interested in
> a recent post
> "A Looming Disaster?: Appointment of Larry Summers to
> Chairmanship of
> the FederalReserve" [Hake (2013)]. The abstract
> reads:
> ABSTRACT: According to Ezra Klein (2013) at
> <>
> "Right now, Larry Summers is the front-runner for Fed
> chair." WHAT'S
> 1. Commentator Chris Hayes at
> <> [one may
> have to wait out a 33 sec add :-( ] has sensibly
> argued that the most
> powerful federal U.S. official after the president is
> the Chairman of
> the Federal Reserve.
> 2. Summers thinks that considering the economy as a
> subset of the
> ecosystem, as does ecological economist Herman Daly
> <>, is "not the right way to
> look at it."

I don't know a great deal about Mr Summers, so I ask: Does he then consider the global ecosystem to be a subsystem of the global economy, and the global economy to be a subsystem of the US economy, and the US economy to be a subsystem of the Federal Reserve?

Well, that has been, I believe, the way the world has been run for quite some time now (which may help explain the mess we're in globally) .
> 3. Considering point #2, Summers' appointment to head
> the Federal
> Reserve might be a disaster for the environment and
> Planet Earth.

I don't think this 'disaster' has been a recent development. To change the metaphor a bit, I believe we (i.e., humankind) had in fact long been digging the hole in which we now find ourselves. We had dug ourselves in quite deep long, LONG before Mr Summers was even just a gleam in his mother's eye. The disaster for the environment and Planet Earth has long been on the way. It was well in sight when Henry Ford made his Model T.

I.e., notwithstanding Professor Daly's quite heroic attempts to try and bring about a 'steady state economy', I for one believe it may be a tad late in the 'brief history of man' for us at this late stage to try and learn that kind of commonsense.
> 4. "Human history becomes more and more a race
> between education and
> catastrophe" - H.G. Wells (1920) at
> <>.
> *************************************************

I had not earlier known of that saying from H.G. Wells. Interesting, that he'd had these ideas as long ago as 1920 - wasn't that more or less when the T-model first came out?.

Now, the world's most powerful nation is planning to install as head of the institution that controls its 'economic engine' a man who believes that "the global ecosystem is a subset of the global economy, etc...". Clearly, education had quite some time ago lost the race to the catastrophe.


Message was edited by: GS Chandy

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