November 21, 2010

“The Plumber is Clearly Smarter Than The Ben Bernank” (Quantitative Easing Explained)

“So has the Fed ever been right about anything?”

“Let me see if I can think of anything....(long pause), nothing.”

“Who runs the Fed?”

“The Fed is run by the Ben Bernank.”

“Does the Ben Bernank have a lot of business experience?”

“No. The Ben Bernank has no business experience.”

“Does the Ben Bernank have a lot of policy experience?”

“No. The Ben Bernank has no policy experience.”

“Has the Ben Bernank ever run in an election?”

“No. The Ben Bernank has never run in an election.”

“So what qualifies him 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 usually fix it, not break it more.”

“This is true, the plumber is clearly smarter than the Ben Bernank.”

“Well, that is why he became a plumber and not an economist.” [...]

More than two million views on YouTube in just a week! Is this the best explanation of Fed monetary policy (easy money policy of artificially low interest rates, etc.), as TMP thinks? Well, see if you can disagree with the flawless logic of this cartoon video... (there’s a partial transcript here)