Failedpunner Joe

And now a word from Scott Lahti (1, 2):

…I pass along my latest Austrian-”inspired” drive-by, prompted by a caricature of Fed chairman Ben Bernanke’s presumed intention to inject ”liquidity” into the rattled credit markets (attached image), sent to me by my roommate at Hillsdale College (1980-1), a Misesian-Austrian economist…. Only those ignorant of 1970s pop lyrics are assured of being spared the worst.

Bern, Baby, Bern (Fiscal Inferno), or -

Benny and the Debts! *

*You know I didn’t read it in a magazine…**

**And ever since our ”raining”, pennies-from-Heaven monetary carjackers began to sing along to ”Goodbye, Yellow Brick Road”, abandoning (g)old standards in favor of ”payola”, they’ve made the nation’s Brink’s trucks as vulnerable to blowouts as a candle in the wind…***

***At least one band had the better part of hard-money wisdom in singing ”Give me silver, blue and gold”, which is not Bad Company to find yourself in when inflation is rampant – dunno about the ”blue” part, but, hey – ”two out of three ain’t bad”, or, Half a (Meat) Loaf is Better Than None…

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One Response to Failedpunner Joe

  1. Scott Lahti says:

    I see Mark Thornton over at the Mises Economics blog is now fully up to speed on the Old Eltonian aspect of this topic, too; I cross-posted the above in the comments resulting:

    http://blog.mises.org/archives/007865.asp

    Bennie and the Monetary Jets

    How does Bernanke jump-start the banking system? Bernanke decided that, instead of waiting for timid customers at the discount window, he would announce a series of auctions called Term Auction Facilities, or TAFs, where the high bidders would get the bank reserves. This maintains the bank’s privacy, or at least reduces the onus of approaching the discount window, and it guarantees that new reserves will enter the system…

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