Qualitative Fuffling

[wonderpup]

Not often a blog post on the economic situation makes me laugh out loud, but this one did so I thought it worth dusting off. It's from last year but as fresh today as ever.

I really like this guys writing and insight.

http://cluborlov.blogspot.com/search/label/Bezzle

Edited to add a quote:

It may be clear to us that fuffles must be eradicated. But it is almost impossible for a society that has for so long and to such an extent put its faith in fuffles to part with the notion that they are valuable and accept the notion that they are a lot worse than worthless. And so they grow and grow, until they swallow up the entire country. At some point last year, in a vain effort to avert financial collapse, the Federal Reserve started accepting fuffles (which they called “troubled assets”) as collateral for fuffled rescue loans to insolvent financial institutions. Thus, the assets column of the Fed's balance sheet is now loaded with fuffles. And next, we have the US Treasury poised to create the next wave of fuffles. These are US Treasury securities, backed by whatever remains of the full faith and credit of the US Government, but destined to be sold not to investors (who have no taste for any more fuffles) but, in a truly incestuous move, to the same old Federal Reserve Bordello of Blood! They are calling this “quantitative easing.” A better term would be “qualitative fuffling:” the financial snake is finally eating its own tail. The Fed will place these fuffles on its balance sheet as assets, and in return issue prolific quantities of our new national currency: the US Fuffle. Like all fuffles, the US Fuffle will grow by leaps and bounds, by sprouting ever more denominations.

"How much do I owe you for this latte, dear graduate?"

"Well, Sir, that will be six trillion fuffles, if you please."

Edited November 21, 2010 by wonderpup

[billybong]

Not often a blog post on the economic situation makes me laugh out loud, but this one did so I thought it worth dusting off. It's from last year but as fresh today as ever.

I really like this guys writing and insight.

http://cluborlov.blogspot.com/search/label/Bezzle

Edited to add a quote:

A fuffle is an artful fake, an artifact specifically made to fool, beguile, seduce, or intimidate people into paying for it.

That could apply to a lot of UK politicians as well.

Good old Vince was on today justifying the LibDems/his position on student fees and their reneging on their "pledge" - it's a coalition compromise, impossible to get out of you see. But now he can see justification in just about every aspect of it, even including the extra fees for early redemption of student loans.

He also said how much he's looking forward to being on the Christmas "Strictly" on TV . No it's not Strictly Keeping Promises

Edited November 21, 2010 by billybong