Monday, July 21, 2008

Update on The Choppa

One of my collectors writes:

A little lax in my reading of the Year(s) of Magical Painting, but your post from last Tuesday, with the "Get in the Choppa” reference on the Big Ben painting. (Or accurately, “Get TO the Choppa” in the movie) refers to this, from Wikipedia, which actually makes it pretty funny.

“In 2002, when the word "deflation" began appearing in the business news, Bernanke gave a speech about deflation.[13] In that speech, he mentioned that the government in a fiat money system owns the physical means of creating money. Control of the means of production for money implies that the government can always avoid deflation by simply issuing more money. (He referred to a statement made by Milton Friedman about using a "helicopter drop" of money into the economy to fight deflation.) Bernanke's critics have since referred to him as "Helicopter Ben" or to his "helicopter printing press". In a footnote to his speech, Bernanke noted that "people know that inflation erodes the real value of the government's debt and, therefore, that it is in the interest of the government to create some inflation."[13]

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