GREG MANKIW: The Latest From Merle Hazard

Harvard economist Greg Mankiw recommends the following account of the difficult predicament currently faced by the Federal Reserve Board as it contemplates “The Great Unwind”:

Perhaps the vocal performance could be upgraded, but the lyrics are solid.  Example:

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 flying
But could the Fed be flying blind?
That’s why I’m worrying about
The Great Unwind