Ladies and gentlemen, Merle Hazard, with a song about monetary policy!
When the crisis hit us in '08, the Fed's what got us through,
Buyin' assets by the trillion. What else could they do?
Though they bailed out banks and brokerages, at the time, I didn't mind.
But now I'm worryin' about
The Great Unwind.
Our Fed's the central bank...to a deeply troubled nation:
If they sell off bonds, the markets tank.
If not, some day, inflation.
Now, the money has been flyin', but could the Fed be flyin' blind?
That's why I'm worryin' about...The Great Unwind.
Some say the Fed can manage this without sellin' off its bonds.
That they'll pay high interest on reserves, and bankers will respond.
But payin' bankers not to lend ain't how the system was designed,
So I'm still worryin' about The Great Unwind.
Will the Fed thread the needle...or are they going to blow it?
Are we on the mend, or near the end of fiat money as we know it?
I would never wish to be a man who's cruel, or unkind,
But I am worryin' about The Great Unwind.
Yes I am worryin' about
The Great Unwind.
