{"id":519882,"date":"2010-04-07T12:03:51","date_gmt":"2010-04-07T16:03:51","guid":{"rendered":"http:\/\/blogs.wsj.com\/economics\/2010\/04\/07\/bernanke-drops-newspapers-from-helicopter-in-a-hong-kong-ad\/"},"modified":"2010-04-07T12:03:51","modified_gmt":"2010-04-07T16:03:51","slug":"bernanke-drops-newspapers-from-helicopter-in-a-hong-kong-ad","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/519882","title":{"rendered":"Bernanke Drops Newspapers From Helicopter (in a Hong Kong Ad)"},"content":{"rendered":"

If Ben Bernanke<\/strong> drops newspapers from a helicopter, will it save the beleaguered publishing industry?<\/p>\n

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Probably not. But the plucky Hong Kong newspaper The Standard<\/a> is using a cartoon drawing of such a fantastical occurrence to brag about the paper’s circulation, now above 200,000.<\/p>\n

In a so-called house ad (called that because the house, the newspaper, couldn\u0092t sell the page to a paying advertiser), Chairman Bernanke tosses copies of the Standard from a red helicopter over Hong Kong\u0092s skyline. The headline on the paper \u0093WORST LIKELY OVER.\u0094<\/p>\n

For all you non-econ wonks, the helicopter reference is to economist Milton Friedman<\/strong>\u0092s idea that in the face of deflation, all a central bank has to do to jumpstart spending is to drop money from a helicopter. People of course would go mad with all that free cash and go buy stuff.<\/p>\n

As a Fed governor, Mr. Bernanke evoked the helicopter drop in a 2002 speech entitled \u0093Deflation: Making Sure “It” Doesn’t Happen Here<\/a>.” Some see that speech as a roadmap for what became the Fed\u0092s response to the financial crisis.<\/p>\n

Bernanke foes, most prominently followers of Texas congressman Ron Paul<\/strong>, have nicknamed Mr. Bernanke \u0093Helicopter Ben,\u0094 because when the crisis hit, he led the effort to do the equivalent of dropping cash from the sky through the Fed\u0092s quantitative easing program. Mr. Paul and others fear the helicopter drop will cause ruinous inflation.<\/p>\n

As for The Standard, it doesn\u0092t have to worry whether its paper will lose value from oversupply. It\u0092s already free.<\/p>\n

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If Ben Bernanke drops newspapers from a helicopter, will it save the beleaguered publishing industry? Click for full image Probably not. But the plucky Hong Kong newspaper The Standard is using a cartoon drawing of such a fantastical occurrence to brag about the paper’s circulation, now above 200,000. In a so-called house ad (called that […]<\/p>\n","protected":false},"author":850,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-519882","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/519882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/850"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=519882"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/519882\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=519882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=519882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=519882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}