Wizard of Oz II: An Alan Greenspan Production

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It's been kind of hectic here in San Francisco for the last couple days, so I didn't actually get around to reading this story in the Telegraph, but I just had to share the title and the image.
Obviously a deflationista, Mr. Hendry stopped making sense shortly after he concluded the discussion of the late 19th century debate on bimetalism, which was, indeed, a very nice summary of a quainter time in monetary history.

Buy long-dated Treasuries with a three percent yield rather than gold?

That's what some people say - those who doubt the ability or the will of the government to combat the unwinding of this massive credit bubble.

I'm not one of those people - the gubment is likely to be much more successful than most people could ever imagine today, after "the chain catches the sprocket", an expression I've been using quite a bit over the last couple days.