09
Dec
2010
The Bernank Steps In It
Jeremy Osell (as well as others on FB and email) kept telling me to watch this. Oh my gosh I can’t believe how badly the Daily Show busted Big Ben. You have to see this. It couldn’t have been better.
| The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
| The Big Bank Theory | ||||
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Wow…never seen this before. Ominous sign indeed, for Bernanke and the Fed, when you have people from the right…and now the left , starting to question what you are doing. Truly, the wind is blowing in a Different Direction.
Although he wasn’t criticizing what he was doing so much as how he was being disingenuous about it.
I’d say the same thing “just call it printing money and say why you’re doing it – you sound like a jackass when you try to deny what everyone knows”. That doesn’t mean I’m going to be out on the streets demanding to “end the fed”.
That was very funny.
I thought you would boycott it because Stewart perpetuates the nonsensical idea that one can create money “out of thin air.”
I could be wrong, but I’ve long thought that the hardest part of selling the Austrian concepts to the masses was getting people to focus on the fact that central banks create money out of thin air (or pixie dust, as the case may be). Once that idea is grasped, it shouldn’t be so hard to convince them that the essence of Keynesianism is merely the theft and shifting about of purchasing power and the fatal distortion the price and capital structure.
If you read the comments to the video, you find many “serious” Keynesian progressive types flailing about insisting that QE1 and QE2 are so substantively different that The Ben Bernank was not lying.
And that’s gonna fly with an American public that has a 4 second attention span but suddenly understands “The Printing Money” by “The Ben Bernank”?
Jon Stewart has done the world a massive favor.
I was mentioned on Bob Murphy’s blog! I think this makes me quazi famous. Kind of like Joe the Plumber before he talked to Obama about taxes.