Mickey Mouse's Philosophy

The editorial of today's Hong Kong Economic Journal said US Fed chief Ben Bernanke would have to cut interest rates tonight as if a recession would be the end of the world. i would call such an attitude "Mickey Mouse's Philosophy". A doll that it is, Mickey Mouse always smiles, as if he can never allow himself to feel bad. But what's wrong for feeling bad? It is completely natural and inevitable. It even helps us to set ourselves straight. Like the bad feel, despite its hardship, recession serves that end, after decades of overconsumption. Bernanke, by keeping American smiling for the time being, is to bring them a more pain in the future. The extension of a business cycle could save the presidency of a political party, but it would be done at the expense of all people, including Americans and all others. "It is the economy, stupid!" as the Bill Clinton campaign once cried. What Mr. Bernanke seems to be devoted to, and what the newspaper ironically seems to approve, is merely the timing of a business cycle, not the economy -- people's well-being.

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