Nov 062010

I posted the following note in response to the WSJ article, “Bernanke Stands by Fed’s Moves.”

It’s time to retire the dollar as a unit of exchange. Instead, we should institute a new currency called the Bernanke. There is no need to design separate 1-Bernanke, 5-Bernanke, and 20-Bernanke notes. Those numbers are meaningless, anyway. Print the notes without numbers. Prices can be given in units like handfuls — 5 gallons of gas might cost you two fistsful of Bernankes. A car might cost you a hundred bushels of Bernankes. It doesn’t really matter, since they will be basically worthless.