Ben Bernanke and the decline of the middle-class

Michael Roberts Blog

Ex-Federal Reserve Chair Ben Bernanke has recently become an adviser to Citadel, a hedge fund management company and to PIMCO, the world’s largest bond fund.  This will make Ben Bernanke a very rich man, instead of just a rich one.  Up to now he has been perhaps earning a mere $1m a year in base salary, plus income from book rights and even more from speaking fees. But now he will be into hundreds of millions.

The revolving door between public office and working for large financial institutions is the way of the world under modern global capitalism.  No wonder, the Fed, the IMF, the World Bank, the ECB etc, supposedly independent institutions, operate to ensure the well-being of the top financial firms and continually forecast the success of capitalist economies.  Actually, strictly speaking, the US Federal Reserve is not independent as it was set up and is still ‘owned’…

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