Wednesday, August 1, 2007

Friedman Would Approve

Let me quote Free Exchange:
Has Japan's central bank engineered a literal helicopter drop? From AFP:

On Wednesday, bills worth 960,000 yen [(~$8500 CAD)] were inexplicably seen "falling" in front of a convenience store.

"We can just say the money came from the skies," a puzzled police official said. "There were other passers-by outside and customers in the store but the incident caused no confusion," he said.

Can money from the sky bump the Japanese out of their liquidity trap? Not if they don't pick it up! For some, it is just too creepy. "People thought it was too eerie to touch", AFP reports. And many of those willing to handle the loot have dutifully returned it to the police. It's okay, people. Just spend it.

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