12.04.2008

Those Damn Markets


Back in 2002, before his appointment to Chairman of the Federal Reserve, Ben Bernanke said that a government with a fiat currency could avoid deflation by printing as much money as necessary. He threatened to dump this money into throngs of seething, desperate peasants - much like the Joker in Tim Burton's Batman. However the citizens won't be reeling in clouds of toxic Smilex gas; they are smothered by mountains of toxic debt paper issued by the evangelists of The Free Market.

Well it appears that deflation is here even though Ben is stuffing cubic assloads of cash into anybody with a jacket embroidered with the name Goldman, Citi, Barclay, or Freddie. One might hope that a Dark Knight might crusade for Change and allow The Free Market to work it's wonders and miracles. That doesn't appear to be the case. Our Congressman are fighting each other who can write the bigger hot check for their core constituency.

We're heading into very dangerous territory. I can only hope that Big Ben finds that formula for Smilex. Because I'd rather go with a smile.

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