One semester of econ in 6 entertaining minutes. A few cute quips from the video in very loose paraphrase:
The Fed is engaged in quantitative easing because they believe there is danger of deflation. But aren’t food prices higher than a year ago? Yes. Aren’t gasoline prices higher than a year ago? Yes. Aren’t health care prices higher than a year ago? Yes. Aren’t tuition prices higher than a year ago? Yes. Aren’t subway fares higher than a year ago? Yes. So where is the deflation? Only in the reputation of the federal reserve.
The authors suggest the Fed has missed a few things before, such as the internet stock bubble, the housing bubble, and the subprime crisis. Check out the video for a good summary and several laughs.