‘Bernanke Bashers’ Are Promoting Anti-Semitism?
So writes Jacob Heilbrunn in the LA Times, which warns:
Once on the fringe, critics of the Federal Reserve such as Ron Paul are suddenly mainstream.
Darn right! Read the whole Keynesian and smeary op-ed. I’ll make a few comments about my favorite parts.
If he didn’t know it already, Federal Reserve Chairman Ben S. Bernanke is learning that no good deed goes unpunished. Bernanke’s measured move to bolster the American economy by purchasing an additional $600 billion in U.S. Treasury bonds – an attempt to pump liquidity into the economy – is triggering a backlash from the right.
Can you imagine it? There are non-Keynesians in the land, who think that there is something wrong with massive money printing for the benefit of the big banks, Wall Street, and the State? You must be an ignoramus to fear price inflation and possible price hyperinflation.
[Criticizing the central bank] is an opportunistic move, one that plays into a broader radical agenda of injecting politics into monetary policy in order to tarnish the Fed’s reputation.
What, politics involved in the State’s central bank? Like the rest of the government, all the Fed cares about is politics (and the banks). As Arthur Burns, Fed chairman under Nixon, once said: “If the Fed doesn’t do what the president wants, it would lose its independence.” NB: most people who want to “politicize” the Fed are inflationists; the Austrians want no inflation, of course. Indeed, we want deflation.
And now… the rest of the story. …..
Harold
