Wednesday, February 22, 2006

Everything I know about monetary policy I learned in the Oklahoma County Jail

Tyrone ran it. What he wanted he got. But he was kind enough to "buy" our meager goods from us. Tyrone's favorites were chips, soda and cigarettes. But the "money" was a little piece of notebook paper upon which Tyrone would write down a number, then rip out the sheet, and hand you your "Tyrone Dolla". If Tyrone was feeling generous he would write down $2.oo or even $3.00. This was the official currency. Tyrone's contributions to the prison economy were "protection services", that no one wanted, and also running the printing press. Those dumb enough to buck the system were RAPED. Day after day Tyrone printed his dollas and inflation kicked in. Everybody had a stash of these stupid slips of paper with Tyrone's crude printing. Then a new guy came in. Mustafa. Mustafa did not like Tyrone or his stupid slips of paper. So he got his own notebook and went into the printing business himself. Guess what Mustafa did to those dumb enough not to accept his notes...yeah. When I mercifully got out last fall Tyrone and Mustafa were about to go to war.

http://www.econbrowser.com/archives/2006/01/strange_ideas_a.html

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