The Phaserl


The President’s Bubble Epiphany

by Pater Tenebrarum,

Avoiding ‘Artificial Bubbles’

In an example of impeccable timing, president Obama recently talked about the need to ‘avoid artificial bubbles’ (as a friend remarked to us, this raises the question whether real bubbles would be OK with him). The sentiment is certainly laudable, as the recurring boom-bust cycles of recent decades have evidently brought the economy to a lamentable juncture. So the question is now, does the president plan to dismantle the centrally planned banking cartel and curtail the ability of banks to create money from thin air? He didn’t specify unfortunately.

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