print“The printing money is the last refuge of failed economic empires and banana republics and the Fed doesn’t want to admit that this is their only idea. … The plumber is clearly smarter than The Ben Bernank. … The Fed thinks prices are going down [deflation] when in fact they are going up [inflation]. And they think that during a recession with The High Unemployment that it is better if the things people need to buy cost more money. …”
Out of the mouths of babes engaged in a Socratic debate about the Federal Reserve Bank and “The Bernank” comes this delightfully simple, but cerebral, YouTube explanation of the workings of the Fed.
But, change “The Fed has been wrong about every major economic development for the past 20 years” to almost 100 years. For that is the duration of the error that is the Fed. 1913 is when The Fed was founded.
Especially adorable is the “THE”: The Bernanke, The printing of The money, The Deflation, The Inflation, The Goldman Sachs (“they make their living ripping-off The American People”). The Quantitative Easing. The Change.
UPDATE: The creative genius behind the above is also author of the “iPhone4 vs HTC Evo” wonderful clip:
This is my favorite part–
“So what qualifies [The Ben Bernank] to run the Fed?”
“I don’t know, maybe the fact that he has a nice beard.”
“But my plumber also has a nice beard and I would not trust him to play God with the economy.”
“No although when you call the plumber to fix something that is broken, they fix it and not break it more.”
The video reminds me of what my old finance professor Dr. Krueger said over 20 years ago:
“If I had a retarded son I would make him a banker.”
And if he grew up on MTV, I’d get him a job at the SEC.