For several years now, the Fed has been making money available to the financial sector at near-zero interest rates. Big banks and hedge funds, among others, have taken this cheap money and invested it in securities with high yields. This type of profit-making, called the “carry trade,” has been enormously profitable for them.
So why not let everyone participate?
Under my plan, each American household could borrow $10 million from the Fed at zero interest.
… my proposal won’t cost taxpayers anything because the Fed is just going to print the money. All we need is about $1,200 trillion, or $10 million for 120 million households.
That sad thing is there some out there who seem to think this is actually a good idea…
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I do believe we need a dedicated sarcasm font. It would sort quite a bit out.
I have to paraphrase Pratchett for irony though – for some it will always be the description of the taste of something made of metal.
Could you please post the Feds address?
Thank you for the post.
When I first came across it I wasn’t sure if it was satire or not. Then I read the line in the article about Weimar Germany and knew it had to be a joke.
I’m not very familiar with Pratchett – something I need to correct – so that line’s lost on me unfortunately!
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