Thursday, February 18, 2010

The Onion: Bernanke Finally Admits that Money Doesn't Really Matter at All

Here's a very funny spoof news article that recently appeared in the The Onion on Ben Bernanke. They say:

What began as a routine report before the Senate Finance Committee Tuesday ended with Bernanke passionately disavowing the entire concept of currency, and negating in an instant the very foundation of the world's largest economy.

"Though raising interest rates is unlikely at the moment, the Fed will of course act appropriately if we…if we…" said Bernanke, who then paused for a moment, looked down at his prepared statement, and shook his head in utter disbelief. "You know what? It doesn't matter. None of this—this so-called 'money'—really matters at all."

"It's just an illusion," a wide-eyed Bernanke added as he removed bills from his wallet and slowly spread them out before him. "Just look at it: Meaningless pieces of paper with numbers printed on them. Worthless."

My students may recognize in the article some of the introductory talking points that I use in my Money and Banking course.

2 comments:

morgan said...

You said you locked in your rates this week? Sounds like you had some insider Bernanke information!

Pedro H. Albuquerque said...

Hi Morgan, thanks for posting. You're right, I've just converted my last floating rate loan line to fixed rate. No crystal ball here, but my guess is that this is the right time to think about how to do i,t and enjoy the historically low fixed rates.