Thursday, November 20, 2008

Helicopter money

Bear got it. Fannie got it. Freddie got it. AIG got it. Now Detroit wants it.

Here's an excerpt from an email I got today on the problem inherent with Helicopter Money:

94% of American workers still have jobs and still have paychecks. What they lack is confidence and expensive gimmicks aren't going to get the buyers to quit the picket lines about buying houses and cars. Forget "hope" and "change"; the real election is being held with consumer's wallets and they have voted decisively for "none of the above"

I agree. It's all about confidence. And while I'm not an economist and don't know all the possible answers... a return to sound money or some variation on the gold standard seems good... though certainly painful... to me. Our current alternative to sound money - fiat money - doesn't work.

Bush decided to turn on the printing presses. And it seems that Obama's new found desire for deficit-spending starts with overtime pay for the guy running the printing press.

I now realize that my parents were untruthful with me.

Money does grow on trees.

Tim White

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