Central banks" easy virtue, easy money

Central banks" easy virtue, easy money.
There"s an old story about the late British statesman Winston Churchill at a party. Probably on one of those many nights where never in the field of human excess had so much cognac, brandy and scotch been consumed by a person who historians now say was not an alcoholic, he staggered up to a socialite matron and posed a question: Churchill: 'Madam, would you sleep with me for 5 million pounds?' (In the 1930s, when the British pound was worth more than twice as much to the US dollar than it is now, this was a particularly impressive sum over which to surrender one"s virtue.) Woman: 'My goodness, Mr Churchill ... Well, I suppose ... we would have to discuss terms, of course.' Churchill: 'Would you sleep with me for 5 pounds?' Woman: 'Mr Churchill, what kind of woman do you think I am?!' Churchill: 'Madam, we"ve already established that.