Paul Krugman, "Et Tu, Bernanke?": Hey, Doesn't Someone Else Deserve the Blame?

Yesterday, I was asked to attend a management meeting of Nano Retina, a small, non-public Israeli start-up company (see: http://jgcaesarea.blogspot.co.il/2010/12/nano-retinas-bionic-retina-seeks-to.html), which is creating a tiny implant that will restore vision to persons blinded by retinal disease, e.g., age-related macular degeneration and retinitis pigmentosa, in a 30-minute minimally invasive procedure. Viewing a simulation of what patients will be able to see following implantation of the device and listening to the subsequent discussion, I estimated the incredible cumulative IQ of those seated around the table and calculated by how much the average had been reduced by my arrival in the room. Although I could not understand much of the talk concerning the electronics and miniaturization, I was relieved to know what humans continue to strive to achieve, notwithstanding the readiness of others to spend hundreds of dollars on zombie movies (see: http://jgcaesarea.blogspot.co.il/2013/06/maureen-dowd-zombie-scare-with-zombie.html).

But all is far from well in the world.

In his latest New York Times op-ed entitled "Et Tu, Bernanke?" (http://www.nytimes.com/2013/06/24/opinion/krugman-et-tu-bernanke.html?_r=0), Paul Krugman complains that the US Federal Reserve is hinting that it is abandoning its policy of aggressive monetary stimulus. This has caused the benchmark interest rate on 10-year US government bonds to rise from 1.7 percent to 2.4 percent over the past two months and has also engendered a precipitous decline in the stock markets (see: http://jgcaesarea.blogspot.co.il/2013/06/william-cohan-at-long-last-stocks-get.html).  Krugman writes:

"Lately, Fed officials have been issuing increasingly strong hints that rather than doing more, they want to do less, that they are eager to start 'tapering,' returning to normal monetary policy.

. . . .

The first thing you need to understand is how far we remain from full employment four years after the official end of the 2007-9 recession. It’s true that measured unemployment is down — but that mainly reflects a decline in the number of people actively seeking jobs, rather than an increase in job availability. Look, for example, at the fraction of adults in their prime working years (25 to 54) who have jobs; that ratio fell from 80 to 75 percent in the recession, and has since recovered only to 76 percent.

Given this grim reality — plus very low inflation — you have to wonder why the Fed is talking at all about reducing its efforts on the economy’s behalf.

Still, it’s just talk, right? Well, yes — but what the Fed says often matters as much as or more than what it does. This is inherent in the relationship between what the Fed more or less directly controls, namely short-term interest rates, and longer-term rates, which reflect expected as well as current short-term rates. Even if the Fed leaves short rates unchanged for now, statements that convince investors that these rates will be going up sooner rather than later will cause long rates to rise. And because long rates are what mainly matter for private spending, this will weaken growth and employment."

Yes, I agree with Krugman: unemployment remains disastrously high, although I question to what extent the purchase by the Fed of billions of dollars of Treasury and mortgage-backed securities each month has improved the American economy. Yes, funds have been driven to the stock market, but where is resultant job creation?

But just a moment: Where is there even a mention of Obama in Krugman's op-ed? Does our incredible shrinking president (see: http://jgcaesarea.blogspot.co.il/2013/06/the-incredible-shrinking-president-he.html) have no responsibility for the economy? Perhaps not. Recall the recent words of Ben Rhodes regarding the cost of the president's upcoming trip to Tanzania:

"We don't have the exact figure on costs — frankly we don't own or control those numbers."

Or in other words, "Hope," "Change" and "Forward" with no control of the numbers.

Yeah, right.

Nano Retina's Bionic Retina Seeks to Restore Sight to Persons Suffering from Retinal Degenerative Diseases

In an earier blog entry (http://jgcaesarea.blogspot.com/search/label/Nano%20Retina), I noted that I am privileged to work as a consultant for a small Israeli medical device company named Nano Retina, which is developing an ultra small bionic retina, incorporating nano-size components, designed to restore sight to those suffering from retinal degenerative diseases. Its 30-minute implant procedure requires local anesthesia, a small incision and “gluing” of the device to the damaged retina. Return of sight is anticipated to be instantaneous.

According to a recent article in The Economist entitled "Seeing into the future" (http://www.economist.com/node/17647663), a new retinal implant device, manufactured by a company named Second Sight, is soon to be granted clinical approval in Europe and will then go on sale. According to The Economist:

"The device, called the Argus II, is by no means a cure for blindness, says Robert Greenberg, the chief executive and co-founder of Second Sight, the company in Sylmar, California, that developed it. It is intended for use by people who have lost their sight as a result of retina-wasting diseases such as retinitis pigmentosa, and like the earliest cochlear implants it is designed to provide only some basic sensory assistance. But despite its limitations all 30 of the people who have received the Argus II as part of clinical trials can, at the very least, now see changes in light levels and detect objects. This means that they can navigate around obstacles, find doorways, see parked or moving cars and look at someone’s head when talking to them. A handful of them can even read large print."

Although the Argus II is a marvelous achievement, Nano Retina is "setting its sights" considerably higher. The Nano Retina device is intended to allow persons blinded by retinal disease to read, watch TV and identify faces, and the company plans initial human clinical trials within several years. Moreover, as I observed in my earlier blog, the Nano Retina bionic retina is expected to work with the natural functionalities of the eye, including pupil dilation and eyeball movement, and will be powered wirelessly by a rechargeable, battery-operated mini-laser, situated on a pair of eyeglasses.

I can personally report that since Nano Retina was established in 2009, their team of international scientists has made rapid strides toward their artificial retina target. First elements of the system are ready, and several preclinical tests have already been performed, all in accordance with a rigorous time schedule.

See the following animation describing the Nano Retina project:



Truly, in my opinion, a miracle in the making . . .

A Revolutionary Bionic Retina that Promises to Restore Vision to the Blind

In a world gone mad, I take solace in my work, which brings me in touch with leading biotech and medical device companies. For several hours each day I am transported away from the hatred and stupidity which fills the newspapers and am able to admire the genius of others, whose work brings light where there is darkness. Currently, one of the companies with which I am privileged to work is a small Israeli medical device company named Nano Retina, whose corporate mission is to restore sight to the blind.

Try to comprehend the significance of Nano Retina's undertaking: In the U.S. some 50,000 people go blind annually. In addition, there are currently 3.6 million Americans aged 40 and older who are legally blind. Imagine what the possible restoration of vision means to these people.

Nano Retina is developing a tiny bionic retina, incorporating nano-size components, which is designed to restore sight to those suffering from retinal degenerative diseases. Its 30-minute implant procedure requires local anesthesia, a small incision and “gluing” of the device to the damaged retina. Return of sight is anticipated to be instantaneous and will enable persons who have undergone the procedure to watch TV and identify faces.

The bionic retina will replace the damaged photoreceptor in the eye and transform naturally received light into an electrical signal that stimulates the neurons, which send pictures to the brain. The bionic retina works with the natural functionalities of the eye, including pupil dilation and eyeball movement.

The remarkable energy source for the system? A rechargeable, battery-powered mini laser, situated on a pair of eyeglasses, powers the implant wirelessly.

During the coming year, Nano Retina plans to create a “nano” prototype validating its first generation product, based on the existing “electrical” prototype used to demonstrate proof of concept. Thereafter, the company plans to conduct preclinical and clinical trials, the latter beginning in 2012.

Ask persons around the globe what comes to mind when they think of Israel, and more often than not, they will tell you "war and religious strife". Unfortunately, they are unaware of the medical miracles occurring in this tiny country, which has become an island of innovation and high tech. It is truly a pity that so many people, blind with hatred (something the bionic retina cannot remedy), are incapable of perceiving Israel's true promise.