Watch this great video of superhero Helicopter Ben Bernanke saving the U.S. economy. Thanks to the Mankiw blog for the link.
Wikipedia explains how Helicopter Ben got his nickname via Milton Friedman:
In 2002, when the word "deflation" began appearing in the business news, Bernanke gave a speech about deflation. In that speech, he mentioned that the government in a fiat money system owns the physical means of creating money. Control of the means of production for money implies that the government can always avoid deflation by simply issuing more money. (He referred to a statement made by Milton Friedman about using a "helicopter drop" of money into the economy to fight deflation.) Bernanke's critics have since referred to him as "Helicopter Ben" or to his "helicopter printing press".
1 comment:
That helicopter statement, despite it refering to a M,F. storyis why he is not the right man for the job.He went on to say that inflation whould help pay off the public debt with less valuable money. It was my contention from the begining that Ben was chosen to provide future plauseable deniability for the future economy. I look righter and righter all the time.....
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