“The Federal Reserve’s rescue has failed”

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The putrid Keynesian ideology never ceases to surprise. The Telegraph is claiming that the Fed’s efforts have failed and that the US is headed towards debt deflation. In the very next sentence, however, we are told that “much more drastic action will be needed.” If by drastic action they mean the abolition of central banking, I’m all for that. Sadly, that is not the case.

We can expect even more failures as our heroic Chopper Man attempts to bail out the ship by breaking more of what remains of the hull.

10:30 am on March 3, 2008