Thursday, November 11, 2010

Analogies Économiques IV: Pastries

"Bernanke's not using his noodle,"
Snapped Herr Schäuble, in protest quite futile;
"We don't need more air
In the chocolate eclair,
But more Äpfel inside of the Strudel."

Germany's finance minister Wolfgang Schäuble (SHOY-bleh) criticized Fed chairman Ben Bernanke (bur-NAN-key) as "ahnungslos" (clueless) following the announcement of the $600 bn second round of quantitative easing (QE2). QE2, designed to stimulate US credit creation through the Fed's buying Treasury notes, would also stimulate US exports by making them cheaper, thus cutting into the pre-eminent position of such export powers as China and... Germany.

Special thanks to US Navy veteran Charles Weatherwax and greetings to all of our veterans!

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