The Wrong Kind of Snow [or why the 6.15 Great Western Service from Bristol to London Arrives Over an Hour Late]
I’ve been trying to track down the author and in which publication it first appeared but have had no luck. It might be now a trifle outdated in detail but the sentiments are as current as anything going. Many of you will know this one and some might not – either way, it’s still a good read after all these years:
Rossa‘s made it to the big Two-Zero-Zero and that’s not something to be sneezed at.
Anyone who can munch on a bacon butty, then later – florentines, profiteroles, chocolate and chestnut roulade, apple croustade, banana and raisin strudel, rum and raisin icecream can’t be all bad, not that she is, of course [he hastily adds].
Rossa is currently not Alpacaring as much in the snow but she is tending the feline flock and commenting 200 times here, for which sharp political commentary, I thank her.
The Fed may not be running the currency printing press around the clock, but Fed policies have certainly been instrumental to the unending expansion of Treasury borrowings.
And, clearly, any meaningful definition of contemporary “money” must include government debt instruments. Indeed, with bank (and, more generally, private-sector) credit suffering from post-housing mania stagnation, never before has government debt so dominated system “money” and credit creation.