OK nothing profound today, but I cannot get the image of Disney's fine depiction of Mickey & The Sorceror's Apprentice out of my head as I contemplate the state of Bretton Woods II. See our Mickey, charged with cleaning up the world by his Maestro. Being a slacker at heart, he conjures assistance in the form of help from the Asian CBs (depicted here carting away excess dollar reserves), rather than directly tackling the task and undertaking the hard work of adjustment itself. I don't know quite how far one can go with this analogy, but I continue to be amused at the thought of some larger-than-life Volcker-like character re-appearing as "The Sorceror" himself to sternly reproach his apprentice both for his laziness and rather amateurish attempt to rectify the situation with the pathetic application of magic rather than diligence.
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