Kevin Warsh is stepping down from the Federal Reserve’s Board of Governors. And I’d like to replace him!
Here’s my plan. We’re going to start with this chart of total spending:
We’re going to say that the goal is to catch up with that red line. To that end, I’ll be phoning up random people and asking if they want to participate in my new Sock-Backed Lending Facility in which the Fed offers you a non-recourse loan of $100 in exchange for a pair of old socks. And I’m going to keep calling, keep offering, keep lending, and keep sock-collecting until we hit the line. Congress will complain, and Paul Krugman will worry that the promise isn’t credible, but it’ll be fine because I’m a writer who has no real desire for public office. I’ll serve my term implementing my insane scheme, and when I’m done I’ll write an awesome book about it.