A New Monetary Policy Framework? Old Faithful Meets The ‘New Normal’

By Danielle DiMartino Booth

Henry Washburn, Nathaniel P. Langford and Lt. Gustavus C. Doane, three intrepid souls who came, saw, mapped, and then in language so vivid as to be almost unbelievable, described in all its rugged splendor the sheer beauty of the land through which they traveled. President Ulysses S. Grant had charged these men with leading the 1870 Washburn Expedition for the exploration and mapping of Wyoming’s northwestern portion. It was this vast untamed wilderness that in just two short years’ time, from 1870 to 1872, would encompass our nation’s first national park, the majestic Yellowstone.

A New Monetary Policy Framework? Old Faithful Meets the ‘New Normal’

Reading the glowing accounts, and finding themselves enthralled by the words, they came, not just from near, but from the far reaches of the globe so that they too could see these wonders. They were not to be disappointed, and still they come today. First travel was by wagon, then station wagon and finally the ubiquitous SUV. And, now as then, there is that one must see constant, what those explorers could only describe as Old Faithful, a geyser that gushed forth in all its glory with unfailing frequency.

In the hate-to-burst-your-bubble department, The Geyser Observation and Study Association notes the following of Old Faithful: “It is not the biggest or most regular geyser in Yellowstone but it is the biggest regular geyser.” (No, you are not imagining that whoever wrote that description must have been channeling the late, great Yogi Berra.)

In fact, Old Faithful has become less faithful over the years. When the expeditioners first happened upon this faithful beauty, she erupted every 65 minutes, give or take. But, since the turn of this young century, the average wait between showy spectacles has risen to 92 minutes. The occurrence of several earthquakes has resulted in sufficient enough changes in the geyser’s circulation to throw the old girl off her ‘A’ game.

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