I had what my wife calls a ‘doggy dream’ last night.
* * *
I was one of about 200 well-dressed people, mostly men, who were somehow associated with the Federal Reserve. We had gathered in what looked to be a very utilitarian dining room: concrete floors and folding tables.
We sat in anticipation of the feast, which was brought out by a group of Chinese waiters: plastic platters of green money. The smaller platters had perhaps two dozen bills, but other platters had big wads of $50, $100, and even $1000 bills. There was no fighting over who got which platter, as we all had the sense that we would get our share.
And we all understood that intent was not to eat the money, but to take it home and spend it.
* * *
When I told my wife the dream, she thought it meant that I would one day be very rich.
More practically, I think it came from the news reports that I’ve been reading that suggest that the Federal Reserve Bank may embark on a second round of ‘quantitative easing:’ ‘buying’ up assets without regard to their real value in an effort to inject money into the economy, stimulating it.
It’s been discussed in the press as ‘QE2,’ evoking memories of the recently-retired ocean liner Queen Elizabeth 2. I’m not sure why, other than that the image is vaguely charming.
I guess if you’re on Wall Street, it seems wonderful, but for those of us who have to earn a real living, it’s not so great. The first round of quantitative easing boosted the stock market, and stabilized real estate prices, but didn’t resolve itself into productive activity and jobs in this country.
Alas, the rot continues….