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Quantitative Easing



My friend Spike posted this wonderful picture on his Facebook wall, with the comment:

"Now who can remember what happened to this banknote? 100,000 Reichsmarks? Anyone? You at the back? Scotsman, big fellow, rumpled suit, grumpy face? Yes. I'm talking to you!"


It was prompted by an earlier dialogue between us on the announcement that the Bank of England, as well as dropping the interest rate to "half of one percent" (ie next to nothing), have decided to try some "quantitative easing," the wonderful new euphemism for printing up a few billion extra pounds. This brought to mind thoughts of the Weimar Republic and ultimately the oft quoted need for a barrow full of money to buy a loaf of bread...
But for Spike it drew to mind Douglas Adam's Hitchhiker's Guide to the Galaxy "trilogy" when the useless one third of the population of Golgrafrincham crash land on Earth and decide on leaves as currency...
"But, we have also run into a small inflation problem on account of the high level of leaf availability. Which means that I gather the current going rate has something like three major deciduous forests buying one ship's peanut. So, um, in order to obviate this problem and effectively revalue the leaf, we are about to embark on an extensive defoliation campaign, and um, burn down all the forests. I think that's a sensible move don't you? "
So I'm going to invest in a new wheelbarrow, to move around leaves or money, whichever turns out to be worth more! Or perhaps some shrewd investment of some of this freshly printed money in a wheelbarrow manufacturer might just be enough to kick start the economy.


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Comments

ScatterCode said…
See, I'm wondering whether to convert all my money to something else, such as gold, or Euro, or having a good time or something.

It's not like there's much of it anyway, so I'm not sure it matters.
Friday, March 06, 2009 4:42:00 AM
Virtual Methodist said…
I'm telling you... wheelbarrows is where it's at!
Friday, March 06, 2009 5:11:00 AM
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