A good deal for the lucky ones who scoop up those dollars. Not so good for the purchasing power of the dollars in everyone else’s wallet.
Now, one year later, the Wall Street barons feeding at the federal trough are waiting with bated breath for Bernanke to announce another “QE3” helicopter drop here in Jackson Hole.
Yep, even MORE money printing. Even MORE interest rate manipulation.
Never mind the fact that interest rates are already at the lowest in American financial history.
Welcome to Jackson’s famous Silver Dollar Bar in the historic Wort Hotel.
That’s a lot of coin.
And thanks to Helicopter Ben, each of those silver “dollars” is now worth almost forty bucks.
Think about that for a moment.
In 1921, you could exchange one of your dollar bills for one silver dollar coin. Eighty years later, it takes almost 40 of those bills.
Not the silver dollars. Those coins have been imbedded in this Jackson Hole bar for eighty years. They haven’t moved.
But I think I’ll have a beer first.
After my first sip, I appreciate the locally brewed flavor and realize I just laid my Grand Teton Amber on the top of a bar that is worth nearly 100 Grand.
That’s a heck of a successful investment for a bar that hosted illegal gambling up until the Wyoming bureaucrats stepped in during the 1950s.
The gamblers and cowboys have been replaced mostly with tourists who come in to gawk at the silver loot.
In addition to the Grand Teton Amber, I tried the Mighty Bison Brown Ale, brewed just over the Teton Pass in Victor, Idaho by Wildlife Brewing.
My bartendress from Boston said it was her favorite.
Nutty and malty, the Mighty Bison had good strong flavor for a brown ale.
Even though it was 85 degrees out, I couldn’t pass up one of the Silver Dollar Bar’s most famous dishes, the corn chowder.
Chock full of bacon, potatoes, corn, onions and vegetables, it was toped with a thick layer of melted cheese.
Speaking of bison, you just don’t see the big wooly animal on menus every day.
That’s why I couldn’t wait to bite into my main course – a big old bison cheeseburger with a unique sweet and zesty homemade potato salad on the side.
The bison burger was cooked to a perfect pink but was still a bit dry.
That’s why God invented big fatty cows – to make drippy, greasy burgers out of them.
As it turns out, Helicopter Ben’s big Jackson Hole speech ended up being a big dud.
But not to worry. Interest rates keep falling. The Fed keeps issuing more debt. And the Masters of the Universe keep working toward the destruction of the world.
Helicopter Ben won’t let them down.
And then QE4. And QE5. And QE6. And QE23…
Drink lots of beer.
And buy some silver coins.
Rating: Seriously Thought About Buying Shirt.