For probably the first time ever, monetary policy has become hilarious.
In a new video, two characters discuss the Federal Reserve's quantitative easing policy, presenting it as a desperate and hopelessly misguided effort to save the world economy (hat tip to Credit Writedowns). The short film, made in Xtranormal and featuring two "pawz" characters, lays out the Fed's $900 billion asset-purchase plan in simple, if imprecise, terms.
"The Ben Bernake" (they pronounce it "Ber-nank") is working with "the Goldman Sachs" to engage in "the printing money," the video says. But the Fed can't call it that: "'The printing money' is the last refuge of failed economic empires and banana republics, and the Fed doesn't want to admit this is their only idea."
The character in the striped shirt has some choice words for Fed chairmen, past and present.
"So has the Fed ever been right about anything?," his associate asks.
"Let me see if I can think of anything," the striped-shirt pawz responds.