Thursday, April 09, 2015

Best Novel 2016

Ben Bernanke isn't talking to us in the title of his new account of the 2008 financial crisisnovel, he's talking to the gentlemen paying his speaker's fees.
“When the economic well-being of their nation demanded a strong and creative response, my colleagues at the Federal Reserve, policymakers and staff alike, mustered the moral courage to do what was necessary, often in the face of bitter criticism and condemnation. I am grateful to all of them.”
As with all Fedspeak, you have to translate it into English. What he so bravely did was bail out the owners of the large banks at the cost of the US economy. The USA will now never exit the debt-prison into which Helicopter Ben locked it without a catastrophic meltdown.

I think we're going to need to get a ruling from MidAmeriCon if The Courage to Act will be eligible for Best Novel next year. It certainly contains more fiction than the average fantasy novel.

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Anonymous Will Best April 09, 2015 1:37 PM  

I wished I lived in a country where such a book would win a "prestigious" best fantasy award. Though I suppose if I lived in such a country, its leaders would probably hold its citizens in far less contempt.

Anonymous Alexander, one of the best organized and most effective voters in history April 09, 2015 1:46 PM  

Subtitle: Gnomes of Gnuyork

Blogger Double E April 09, 2015 1:46 PM  

And I thought women assassins were a yarn!

Blogger Nate April 09, 2015 1:51 PM  

Sad Puppies 4 should nominate it for a hugo.

Blogger Josh April 09, 2015 1:54 PM  

So brave

Anonymous Viidad April 09, 2015 1:56 PM  

"Furthering the economic fiction that is the United States financial system..."

Anonymous bw April 09, 2015 1:57 PM  

the economic well-being of their nation demanded a strong and creative response

From the financial elites who caused it in the first place.
Years from now, as they are known to do, they will finally admit their system caused it in the first place: "Yeah, we did that but we won't do it again". Wink Wink.
And the people still believed.

Blogger grendel April 09, 2015 2:00 PM  

It's not a stretch to call it a "Related work" to the fantasy genre.

Anonymous John Regan April 09, 2015 2:14 PM  

We could break out of the debt prison with a jubilee. But that requires a lot more gumption and appreciation for self-government than we seem to have.

Anonymous Godfrey April 09, 2015 2:35 PM  

He has it exactly backward. He's a coward. Courage would have been to stick to the wealthy ruling financial class.

Anonymous Daniel April 09, 2015 2:40 PM  

Not surprising that Ben would take Dan Rather at his word:


Anonymous Phil Mann April 09, 2015 2:45 PM  

But isn't this how it's supposed to work? Ben writes a book no one is going to buy or read (except for laughs), yet it will somehow generate millions in profits for him. No one passes cash filled envelopes around anymore.

Blogger praetorian April 09, 2015 2:45 PM  

It would be hilarious, if I didn't think that he actually believes what he's saying...

Anonymous Porky April 09, 2015 2:45 PM  

We helicoptered some folks.

Blogger Derrick Bonsell April 09, 2015 3:05 PM  

Bernanke's ideas on how to get out of a recession are dependent on the US dollar being the world's reserve currency. Once that is no longer the case this silly Neo-Keynesian edifice will come crashing down.

Blogger FALPhil April 09, 2015 3:11 PM  

If you are serious, Vox, I would get behind a movement to nominate it for "best fantnasy novel", for political reasons if nothing else.

Anonymous Rolf April 09, 2015 3:14 PM  

Yes, it has more fiction than a normal fantasy novel, but it's not nearly as believable. The plot holes are huge, the characters stereotyped and two dimensional, and the public unrealistically gullible.

Blogger Quadko April 09, 2015 3:28 PM  

The "courage" of a gambler, taking a breath, closing his eyes, and rolling the dice. It was sooo hard!

Anonymous Dan in Tx April 09, 2015 4:46 PM  

Oy vey! The chutzpah!

Anonymous Anubis April 09, 2015 5:53 PM  

They could have used the stimulus money to pay off all the underwater mortgages in the Nation but they simply just gave the banks checks, who gave themselves bonuses, to bad we didn't follow Iceland's path. Russia sent most of their jews to Israel and get reparations sent back to those remaining, so its like they are being paid for running them out.

Blogger JAY WILL April 09, 2015 7:05 PM  

"What he so bravely did was bail out the owners of the large banks at the cost of the US economy."

To what extent was the bail out about protecting the "little peoples" money? If millions of people all across Europe were likely to lose life savings in multiple bank failures wouldn't it be in the interest of the lying class to protect all that by bail outs. A far greater fear of the lying class than themselves or their "butties"losing huge amounts of wealth, was the thought of all the chavs/peasants going bonkers on them.

Blogger David April 09, 2015 7:13 PM  

Wow, Ben seems to forget that unless things go swimmingly well for the rest of his life, he has nominated himself for the highest opportunity to be blamed for any debacle that ensues.
I predict his hubris will define Ben B as
1. lightning rod
2. punching bag
3. retirement to ignominy.
I sincerely hope he dollar-cost-averages 100% of his speaking fees in the Big Cap index fund of his choice.

Blogger David April 09, 2015 7:15 PM  

Why is it that the front-men and spokes-weasels of our celebrity culture all look like they're just taking a break from "servicing" (a la Monica) the guys with real power who prefer the shadows?

Anonymous Stilicho April 10, 2015 3:22 AM  

Vox: Mish defines deflation as a decrease in the money supply and credit marked to market. it sounds interesting but practically useless because I don't see how credit can be aggregately marked to market. Any thoughts? I know you've used housing declines as a rough guide in the past, but even that seems overly conservative given that mortgage debt is at least backed by tangible assets for the most part.

Ultimately, my question is this: what is the market value of the total Z1 debt?

Anonymous Datastorm April 10, 2015 8:18 AM  

"How not to do it." How dare the angry spirits slander so necessary an institution!

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