This column made fun of the federal reserve, but also illistrated well what it does. Funny and sobering at the same time.
....The Chef of the Federal Food Reserve will be appointed by the President. He will oversee the Food Open Market Committee (FOMC), which will use Federal Reserve Noodles to purchase real food items on the market. The FOMC will also have the power to "foodetize" past-sell-date food issued by foreign dictators, subprime mortgage food from the back of the freezer, or any other indigestible object, possibly including Twinkies (when the needed technology is developed).
The Federal Food Reserve will also regulate the Food Banks. Food Banks will be allowed to issue ten or more times as many Federal Reserve Noodles as they actually have in their reserve refrigerators. If it turns out that the "reserve" food has spoiled (become "subprime"), the Food Reserve will simply issue more FRNs to the bank in exchange for the former reserves (the subprime tranches, I mean cuts, will simply be "eaten" by the taxpayers). This will make Federal Reserve Noodles more and more plentiful as time goes on...
whole thing here
Wednesday, March 26, 2008
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