by Richard Daughty, the angriest guy in economics -- World News Trust
Nov. 14, 2006 -- Nervously peering through the periscope of the Impregnable Mogambo Bunker (IMB), I see that Total Fed Credit is back to its old ways last week, and was up -- but not by too much -- as the increase was only $1.8 billion. But enough, hopefully, to keep things simmering until an economic miracle happens, which is what it will take at this point.
Elsewhere in the banks, I squint my eyes to discern that reserves are up by a billion or so, but still ludicrously, comically inadequate in comparison with the banks' enormous liabilities and assets, and so it constitutes a kind of "theater of the absurd" to even pay attention to it anymore.
Chuckling to ourselves at the revelation, we abruptly swing over to look at the Treasury, and we relieve the dramatic tension by humorously noting that they believe that a miracle is found in issuing bonds "like it is going out of style," as they foisted another $10 billion of U.S. government debt on some unsuspecting idiots last week! This brings the total national debt up past a staggering $8.6 trillion, to a new, all-time, we-oughta-be-ashamed record. I gulp.
Wiping the sweat of fear from my eyes, I can also see a new mountain of money stacked up against the sky, as, to help things along, they even printed up more actual cash, taking the supply of greenback money up another $2.6 billion! In one week!
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