Simon Johnson's Revolt
Simon Johnson, a former chief economist at the International Monetary Fund who teaches at the Massachusetts Institute of Technology, for months has been a frequently quoted voice on the recession. But now, he is verging on the type of celebrity status that, short of a Nobel or a Clark medal, is the best an economist can hope to attain.
That is, an appearance on Comedy Central.
In his March 12 appearance on Stephen Colbert, Johnson repeats a refrain that he trotted out in an interview the previous month with Bill Moyers, and in a just-released Atlantic Monthly piece titled “The Quiet Coup.” The Atlantic piece is fascinating reading.
The dual theme is that the U.S. recession makes the country look much like developing nations that experienced serious downturns over the last decade or so; and, he asserts, that the U.S. economy has been seized by a financial oligarchy that must be dethroned if the country is to right itself.
I called Johnson today to ask whether he's in open rebellion against the establishment. “No,” he protested. “I’m totally mainstream. Look, I was the chief economist of the IMF.”
Johnson's “waking up moment,” he says, came when he returned to the IMF two years ago as chief economist (he previously was in the Fund in 2004). “When I started meeting top people in government, I realized that something was rotten in Denmark, not to pick on Denmark,” said. “There was a problem in finance. I hadn’t realized until then how bad of shape we were in.”
“The Obama administration should not be as deferential as it has been to financial interests,” Johnson said.
What is the reaction of the bankers with whom Johnson has conferred over the past decade or so? “Most of these guys agree with me completely. Not the CEOs of the top five banks. But the others think the big finance guys got too big. They realize there is a need for a change.”
That is, an appearance on Comedy Central.
In his March 12 appearance on Stephen Colbert, Johnson repeats a refrain that he trotted out in an interview the previous month with Bill Moyers, and in a just-released Atlantic Monthly piece titled “The Quiet Coup.” The Atlantic piece is fascinating reading.
The dual theme is that the U.S. recession makes the country look much like developing nations that experienced serious downturns over the last decade or so; and, he asserts, that the U.S. economy has been seized by a financial oligarchy that must be dethroned if the country is to right itself.
I called Johnson today to ask whether he's in open rebellion against the establishment. “No,” he protested. “I’m totally mainstream. Look, I was the chief economist of the IMF.”
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Johnson's “waking up moment,” he says, came when he returned to the IMF two years ago as chief economist (he previously was in the Fund in 2004). “When I started meeting top people in government, I realized that something was rotten in Denmark, not to pick on Denmark,” said. “There was a problem in finance. I hadn’t realized until then how bad of shape we were in.”
“The Obama administration should not be as deferential as it has been to financial interests,” Johnson said.
What is the reaction of the bankers with whom Johnson has conferred over the past decade or so? “Most of these guys agree with me completely. Not the CEOs of the top five banks. But the others think the big finance guys got too big. They realize there is a need for a change.”
Labels: imf, recession, simon johnson, stephen colbert
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