Proving my point, he goes on to say, "Eight of the fourteen papers and speeches that I examined deal with this problem either as their main point or in passing. Robert Blumen: A Constant State of Pleasant and Benign Inflation This is, and always has been, obvious: There is nothing cheaper beyond "free." This, then, is the "zero-bound problem." For some reason, this is now a big freaking deal (BFD) in central bank circles. Blumen goes on to write, "Governor Bernanke and his accomplices are obsessed with something known as ‘the zero bound problem.’ " I interrupt to explain, in case you ain’t heard, that one of the new buzzes in the lucrative profession of "economics masquerading as a science" is the obvious notion that you can’t loan money at less than zero percent interest. Bernanke is a real first-class hole, if you get my drift, and if you don’t, then you soon will, as Mr. Likewise, commenting on other areas where I also have no competence whatsoever, it is likewise NOT true that the First Law of Holes is "When you find yourself in one, stop digging." The REAL "First Law of Holes" is "If you don’t want a hole, don’t dig one."īut this is not about holes, unless you think Mr. Bernanke truly DID understand economics, then he would have known that the REAL "first principle" of economics is that it is best to prevent the inflation that LEADS to the deflation!! And note the use of the rare "double exclamation point" to denote particular emphasis, as befits its importance in economics. Blumen calmly goes on to say, "The first principle of Bernankeism is that it is better to prevent deflation than to attempt a cure after the disease has set in." Hahaha! What a chump! Not only do they now teach this idiocy in our schools, but Ben Bernanke was the chairman of the damned economics department at Princeton! My hollow laughter drips with contempt, which is not as easy as it sounds. I am embarrassed, and take my seat as Mr. The class is suddenly silenced by my outburst.
Robert Blumen: The First Principle of Bernankeism
#What is a menace to society windows
And I assume that you, likewise, skipped over it, too, after seeing the trick question posed in the title, and thinking to yourself, of course, "Bah! Any child can see that the man will destroy our money with his insane theories! But knowing that, I can personally prosper, making plenty big money (PBM), by buying gold, and buying silver, and buying oil, and buying damned near any commodity that you can name! And then I will be rich, rich, rich! And you shall be poor, poor, poor, and then The Mogambo and I will look out through the bullet-proof windows of our lovely mansions and watch you, in your filthy misery and squalor, rooting around in the dirt for bugs to eat, and we will laugh at you, and bellow ‘Welcome to fiat money hell, you morons!’ " I admit that I almost didn’t read it because I already knew the answer Ben Bernanke is menace.
So instead, I think to myself, "Perhaps young grasshoppers would be better instructed by a genteel and refined approach!" Always willing to take the easy way out, I graciously turn today’s lesson over to Robert Blumen on, and his essay entitled "Bernankeism: Fraud or Menace?" And nobody wants that, especially little kindergarten children who, it turns out, get REALLY freaked out by it, and there’s suddenly a lot of screaming and crying and pooping in one’s pants, and it’s a real ugly mess, and then the children start screaming and crying and pooping in their pants, too. And, by further extension, everybody else, too.īut then I would get all worked up, angrier and angrier, more and more, finally escalating into senseless, mindless, gratuitous use of childish, gutter profanities at high-decibel volumes. I had planned to use this space for another official Mogambo rant of outrage (OMROO), about, you know, the Federal Reserve and Congress, and how they are murdering our money, and, by extension, us. And in this holiday spirit, while can’t give you a holiday pop-up card, we give you…The Mogambo’s Monday Essay (TMME)… The highlight of every holiday season for us here at The Daily Reckoning is the annual Christmas card from our friend, The Mighty Mogambo.