Kyle Bass uses this phrase, aptly, to describe modern monetary policy during this keynote presentation at the AC2012 conference (the AmeriCatalyst 2012 conference, btw, not this one): “When all you have is hammers, everything looks like a nail.”
For those who might be interested, this concept is alternatively referred to as “The Law of the Instrument” or “Maslow’s Hammer”….Maslow being the fellow more often known for his “Heirachy of Needs“. I don’t suppose it helps to note that, collectively, we’re having a bit of a struggle getting past Level 2.
Anyway, I offer the following tribute in honor and recognition of our government’s willingness to get out their hammers and sacrifice a well-earned vacation to make sure that all of our Level 2 needs are addressed. – HT