Monday, August 08, 2011

Manly Monday; how not to be manly

Easy.  Act like Alan Greenspan and note that with fiat money, central banks can simply print their way out of a debt crisis.   Because, of course, it worked SO well for Weimar Germany, and nobody ever complained about what happened after the Reichsbank printed ton after ton of Reichsmarks to pay for the expenses of the inter-war government, and it's not like a discontented Gefreite from the neighboring country of Austria could possibly become Reichskanzler and lead the world into a war that killed over fifty million people.  And it's not like Hungary, Austria, Argentina, Brazil (really most of Latin America), or Zimbabwe ever had any difficulties with hyperinflation, did they?

Real men, of course, know that dishonest scales--inflationary monetary policy in today's terms--are an abomination unto the Lord.  Playing games with the value of currency to achieve policy goals is unmanly, not to mention disastrous.