Bernanke and the Populist Moment

[John Galt]

In the Current Events section, there is a thread discussing the new Fed Chairman, with one poster making the argument that inflation is bad for poor people and the response being "Cross of Gold." That got my overactive mind to thinking about how The Populist Moment folds quite nicely into What's the Matter With Kansas? (disclaimer: I read the first, but not the second).

Goodwyn's theory in the Populist Moment (among others) is that the agrarian populist movement was consciously undone by dividing the alliance of progressives and agrarians who opposed moneyed interests, primarily through racial politics. That seems to be the same theory at work in What's the Matter With Kansas?

This being somewhat esoteric, I put the thread here. My question is whether there is any possiblity that the Fed's monetary policy, combined with Republican economic reforms, could recreate the Populist Moment by aligning debtors, the working poor and lower class, and rural farmers against moneyed interests, or are we too far into Reagonomics, conservative Christian politics and the Southern Strategy to ever see another progressive movement?

I figured Goodwyn's book, if anyone is familiar with it, is a good reference point of discussion about the future of the Fed, if anyone has any familiarity. Or if anyone just wants to make it up as they go along. . .

[CrewDust]

Time to start up the Free Silver party again.

[dj43]

In the Current Events section, there is a thread discussing the new Fed Chairman, with one poster making the argument that inflation is bad for poor people and the response being "Cross of Gold." That got my overactive mind to thinking about how The Populist Moment folds quite nicely into What's the Matter With Kansas? (disclaimer: I read the first, but not the second).

Goodwyn's theory in the Populist Moment (among others) is that the agrarian populist movement was consciously undone by dividing the alliance of progressives and agrarians who opposed moneyed interests, primarily through racial politics. That seems to be the same theory at work in What's the Matter With Kansas?

This being somewhat esoteric, I put the thread here. My question is whether there is any possiblity that the Fed's monetary policy, combined with Republican economic reforms, could recreate the Populist Moment by aligning debtors, the working poor and lower class, and rural farmers against moneyed interests, or are we too far into Reagonomics, conservative Christian politics and the Southern Strategy to ever see another progressive movement?

I figured Goodwyn's book, if anyone is familiar with it, is a good reference point of discussion about the future of the Fed, if anyone has any familiarity. Or if anyone just wants to make it up as they go along. . .

I'll play but first, define what you mean by "Republican economic reforms."

[John Galt]

I'll play but first, define what you mean by "Republican economic reforms."
Define it however you'd like.

For me, things that jump out are privatizing Social Security, repealing the estate tax, lowering capital gains taxes, and emphasizing tax cuts as economic stimulators.

But, feel free to use your own definitions.

[bmurphyfl]

Goodwyn's theory in the Populist Moment (among others) is that the agrarian populist movement was consciously undone by dividing the alliance of progressives and agrarians who opposed moneyed interests, primarily through racial politics. That seems to be the same theory at work in What's the Matter With Kansas?

I may be missing your point but the author of What's the Matter with Kansas? spends a good deal of time talking about how racial politics has NOT played a role in Kansas' hard shift to the right. He spends about a chapter talking about Kansas' long history fighting racism. His theory is that Kansans were always economically liberal and socially conservatives. However, when the Democratic party shifted to the right on economic issues, blue collar Kansans didn't see any reason to stay with that party. Bascially, if they couldn't find a party that supported their unions, then they might as well find a party that supported their religious social views. It wasn't racial politics as it was the DLC.

[John Galt]

I may be missing your point but the author of What's the Matter with Kansas? spends a good deal of time talking about how racial politics has NOT played a role in Kansas' hard shift to the right. He spends about a chapter talking about Kansas' long history fighting racism. His theory is that Kansans were always economically liberal and socially conservatives. However, when the Democratic party shifted to the right on economic issues, blue collar Kansans didn't see any reason to stay with that party. Bascially, if they couldn't find a party that supported their unions, then they might as well find a party that supported their religious social views. It wasn't racial politics as it was the DLC.
Good to know. Like I said, I haven't read the book. My impression was that the author's premise was that social politics predominated over economic politics. Here in the South, that means racial politics (Confederate flag on the state flag anyone?), but in Kansas it may mean conservative religious politics.

Either way, my refined question is whether in today's world, is there an agrarian/blue collar society that would vote based on its economic interests. Or does What's the Matter With Kansas and the Populist Moment both point out that social politics will always trump economic politics here in America?

Tying it back to Bernanke, is he free to move Greenspan's already Republican-deferential policies even further to the right (for example, [speculation warning] by taking up Greenspan's "low taxes stimulate the economy" drumbeat while perhaps deemphasizing the potential impacts of large deficits), without there being a progressive/populist backlash? Is it too easy to defeat pro-middle class/lower class policies by sounding the trumpet of abortion/evolution/Confederacy/gay marriage and causing the working class to ignore the man behind the curtain?

[CrewDust]

The people.

The football and boredom.

By the way social issues are more important than economic issues. A job is nice but salvation is far more important. If you ever have the expierence of driving through Kansas tune to AM radio,