It’s Only Money
From the nation of Zimbabwe, which at the urging of the World Bank guided by economist Milton Freedman’s disciples (appointed by former President George W. Bush) embraced a series of “reforms” to straighten out its inflationary woes…..
The country’s stratospheric inflation rate, one of the worst in world history, entered a new, yet more incredible realm on Friday as the Reserve Bank introduced a new family of trillion-dollar bank notes, beginning with one for 10 trillion Zimbabwean dollars, which is worth about $8 on the black market. The state media reported the bank would also gradually release $20 trillion, $50 trillion and $100 trillion notes. — NY Times
There’s a valuable lesson here for the incoming Obama administration. Insofar as its plan to rescue the economy includes printing more money — did you ever think it was that simple? — why not knock out a few rolls of trillion dollar bills? Peel a few off and get ’em circulating and there’s the deficit all paid off. There! Next problem.
Just make sure you don’t put Milton Freedman’s picture on it. Don’t want people burning them.
P.S. Felt good writing the word “former” in the first paragraph. Was it good for you too?
There is no truth to the rumor making the rounds on teh internets that the USAir plane that went down in the Hudson last week was co-piloted by Ted Kennedy.
I Like To Be In America
Among the thousand items that commentators predict will be “among the first” on the new administration’s agenda is closing the Guantanamo prison. This raises the problem of a new location for custodial care of prisoners whose release is not imminent.
I have the perfect location. Available, convenient, great view, not far from shopping and dining, and comes with a nice dollop of poetic justice. How about Ground Zero?
Even with unions to pay off, it would be a matter of mere months to construct a basic prison building (waterboarding facilities optional) on the site, which remains unoccupied more than 7 years after the attack. While the greatest minds and most powerful interests stay deadlocked on rebuilding, the valuable real estate could host this symbolic as well as practical structure, showing the world that Yes, America is Back and Moving Forward Again.
As for where the money comes from, see first item, above.