While Facebook?s Mark Zuckerberg is attracting attention as TIME?s Person of the Year, the magazine also features an interview with last year?s honoree: Fed Chairman Ben Bernanke.
At least one question takes Bernanke to task for his policies:
Would it be beneficial to the economy if I created new dollars out of thin air whenever I wanted? If it isn’t good for me to do it, why is it good for you and the Fed to create new money at whim? ?Jonathan DuPree, MARTINSBURG, W.VA.
The Federal Reserve is buying Treasury securities in order to lower interest rates, which in turn helps people buy houses and cars and promotes investment by firms. That leads to a stronger economy. These policies are not leading to increases in the amount of currency in circulation.
Gee, artificially low interest rates. That has worked so well in the past to strengthen the economy.
Bernanke?s approach ? and President Obama?s decision to support it ? prompted Roy Cordato to dub this administration?s anti-recessionary policies ?George W. Bush on steroids.?
