I am continuing my tribute to the great Chuck Norris.

Here this it truth from http://www.chucknorrisfacts.com

“If Chuck Norris goes to the bank to get money, all banks go on a world crisis. It happened on 2008”

Well, you are quite right it was not the collapse of Lehman Brothers, which triggered the kind of mess we are in now. Rather it was Chuck Norris who increased his demand for dollars. Or maybe it was not Chuck, but somebody else, but nonetheless the increase in demand for dollars both in the US and from Europe lead to an “passive” tightening of US monetary policy, which the Federal Reserve failed to respond forcefully enough to.

PS both Nick Rowe and David Beckworth are now picking up the Chuck theme…