Yesterday my son (in 7th grade) asked whether we are in a depression. The conversation evolved into a high level discussion of mortgage failure and reserve banking requirements. As soon as I said
so the federal reserve printed a bunch of new money to give to the banks to help them out
he immediately commented
But doesn't that make the money worth less?
God love the boy! That pretty much ended the explanation.
Of course my favorite quote of his so far has to do with unintended consequences of stupid laws which is
Why doesn’t anybody ever think things through?