Friday
I will certainly not be the only one now pointing out the similarity between what this gang of counterfeiters got up to, and British government policy. The biggest difference between the two groups of transgressors is in the scale of it. Our government's currency printing binge will be on a far more grandiose and scale.
The Government clearly does not like competition, especially from the private sector.
Posted by IanPJ at March 28, 2009 01:00 AM
Perhaps what is needed is not counterfeit money but a variety of currencies, as Germany(Link) has, and as Hayek suggested.(Link)
Posted by Marc Sheffner at March 28, 2009 01:47 AM
Yes, the counterfeiters are just "stimulating the economy" and running a fractional reserve bank with a reserve rate of zero. Which has the benefit of preventing bank runs. ;)
Posted by Brian Macker at March 28, 2009 01:33 PM
Keynesianism, Obama, and maybe some of your British politicians, say that if you give people $1,000 they will spend it and "create" $1,500. I say, just give me the thousand, and I don't care what other people do with it. Isn't that closer to the spending (I mean fiscal) policies of the government?
When an idea leads directly to a crazy result, what should we think about that idea? Maybe laugh at it until the proponent explains in detail how it works. If you believe Obama, Keynes, and their proclaimed multiplier of 1.5 on government spending, then it would be valuable to counterfeit as much money as possible, of course under government regulation. You don't have to borrow counterfeit money, or pay it back. It is ideal for Keynesian government projects.
Let's Counterfeit Our Way to Wealth
Posted by Andrew_M_Garland at March 28, 2009 08:57 PM
Well, there was a spoof article here(Link).
No strikethroughs this time, for the humour bypassed.
Posted by Tim Carpenter at March 30, 2009 09:16 AM
