Dear Ben,
It is clear that you and your counterparts at the European Central Bank are mad. How you think you are going to be able to solve a fiscal crisis by printing money to bailout the profligate spenders is a question far beyond my understanding.
As far as I can see, such money printing bailouts:
A. Only encourages the bailed out governments to continue on with their reckless spending.
B. The money you print to bailout these governments distorts the economy in favor of the reckless government operatives and moves it away from the productive sectors of the economy.
C. This is all highly inflationary (Your sterilization plan is bogus)and causes even more distortions in the economy.
Quite frankly sir, it doesn't appear that you get this, or that you just don't care. In either case, I have had it with you. So I am through with the warnings to you about excessive money printing. I have my gold coins and silver coins tucked away. Go ahead print money as fast as you want. You are going to destroy the money anyway, I am now facing that fact head on.
Just print boatloads of new money. Send it to Goldman Sachs and JPMorgan Chase. Send a batch to former Treasury Secretray Hank Paulson. As a matter of fact, send boatloads to all the former Treasury Secretaries. Send a boatload to President Obama, another boatload to the First Lady, a boatload for each of the kids.
I hear California, Nevada, Florida, Arizona, Los Angeles, Detroit, among others, are all in trouble, send them all money. I hear mainstream media is in financial trouble, send them all money, The New York Times, Newsweek, all of them.
Send boatloads of money to SEIU president Andy Stein, who visited the President more than anyone else during the first half of 2009.
Send boatloads of money to all the defense contractors. Send boatloads of money to Joe Biden, Barney Frank and the new Supreme Court nominee.
Send boatloads to the U.S. puppet governments in Afghanistan and Iraq.
Send boatloads to the real estate lobby and the pharmaceutical lobby.
Don't stop, just print more and more money. I'm tired of you slowly destroying the currency overtime. As the former President Bush II might say, "Bring it on!" You can probably destroy the currency in less than a week, instead of dribbling new money out over time.
Like I said, I have my gold coins and silver coins tucked away. I can't wait to start using them in daily trade, as soon as paper money is totally discredited. I know such a day is coming, but it is now time to speed up the process. Print, print and print, Ben. Hey, take a few trillion dollars for yourself, I won't mind.
Sincerely,
Bob Wenzel
Princeton must be a magical place: it has the power to turn mere mortals into economic gods!
ReplyDeleteShouldn't this be confirmed in an objective measure such as M2 (due out tomorrow, I believe)?
ReplyDeleteCan't say that I see a good outcome to the EU/Fed decision, but objective measures, when available, can be good reality checks.
"Shouldn't this be confirmed in an objective measure such as M2 (due out tomorrow, I believe)?"
ReplyDeleteMy thoughts too. I actually don't remember RW warning about Bernanke's mad money printing. I seem to recall him saying he was the only blogger to know that Bernanke has NOT been printing money for over a year...? And that gold was going to dip...?
Bob Murphy,
ReplyDeleteWhat credit do you give to recent allegations of gold price manipulation and investigations into bullion banks and their trading operations in terms of the effect such allegations might have on the price of gold?
Perhaps the lack of money printing was being offset by these allegations coming to light and putting upward pressure on gold as a result?
let's be fair: the dollar has rallied along with gold.
ReplyDelete