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Mix-Ansicht- Future Shock at the Fed By JAMES GRANT - CRASH_GURU, 26.10.2005, 19:32
Future Shock at the Fed By JAMES GRANT
-->Future Shock at the Fed
By JAMES GRANT
Published: October 26, 2005 http://www. nytimes.com/2005/10/26/opinion/26grant.html?th&emc=th
PRESIDENT BUSH’s choice to succeed Alan Greenspan as chairman of the Federal Reserve Board
has raised a roar of approval. Economist, scholar, presidential counselor and former Fed governor, Ben
S. Bernanke is a nominee from central casting.
But there is one rub. The man with the gray beard and the perfect résumé - winner of the South
Carolina state spelling bee, Ph.D. from the Massachusetts Institute of Technology, former chairman of
the Princeton economics department - professes to believe the impossible. He insists that the Fed can
keep the economy chugging and prices stable just by pushing a single interest rate (the so-called
federal funds rate) up and down.
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