I remember this song. I also remember the critiques of this song that insisted most of the examples in the lyrics are not ironic.
But isn't it ironic that the current speculation about the Federal Reserve stopping or reducing Quantitative Easing (or as we hard money types call it, money printing) is causing distress, rejoicing, fear, and loathing in Washington. I guess my own perspective is a combination of rejoicing and fear.
One wag even suggested that the Federal Reserve will have bought up all the marketable bonds by 2016. (I assume that this is all bonds not owned by various governments...the Japanese and the Chinese mainly...or government agencies.) This is exactly what I expect to happen. I also expect that all these bonds will be repudiated. The power of having a reserve currency is immense.
Isn't it ironic, don't ya think, that the US may actually get away with this?