Although some people think its poor US economic data and increasing concerns around European sovereign debt driving the current market crisis, the Onion has unveiled the true story:
Bernanke, who sources confirmed was “totally sloshed,” arrived at the drinking establishment at approximately 5:30 p.m., ensconced himself upon a bar stool, and consumed several bottles of Miller High Life and a half-dozen shots of whiskey while loudly proclaiming to any patron who would listen that the economic outlook was “pretty goddamned awful if you want the God’s honest truth.”
Interesting. I especially enjoyed this part of the story:
While using beer bottles and pretzel sticks in an attempt to explain to the bartender the importance of infusing $650 billion into the bond market, the inebriated Fed chairman nearly fell off his stool and had to be held up by the patron sitting next to him.
As it reminds me of the sort of thing I like to do when I’ve been drinking – namely talking economics and falling over repeatedly.
Although this behaviour by Bernanke was irresponsible, it does add an alluring human element to him – something that I haven’t seen from a central banker since reading Alan Bollard’s 2010 annual RBNZ report 😉
Update: Just as a pointer, although I’m making fun this is a serious crisis at present. I don’t mean to demean its seriousness by joking around, so keep this in mind. This is an event I am going to be keeping an eye on all weekend. I will post some general points once I feel that what is going on has become clearer – but I will save more timely and detailed analysis for clients 😉 … what can I say, I love you all – but I love clients as well and they pay the bills.