The Record of the Federal Reserve

The FED: No Exit

The Record of the Federal Reserve

Obstructing and Manipulating


Investors, economists, and policy makers blind to the mountain of malinvestments

Liberty & Power
by Robert Higgs


During the past year, [Ben Bernanke] has taken the lead in flooding the financial system with an unprecedented amount of newly created central-bank credit — more than a trillion dollars of new Fed credit has been advanced since mid-September 2008, more than doubling the total amount outstanding. Thus, Bernanke has shown himself to be the greatest inflationist of modern times in the advanced economies. Because the commercial banks have added almost all of the newly created base money to their reserve accounts at the Fed, rather than using it to make new loans and investments, the effect on the money supply and hence on the price level has been muted so far. Bernanke clearly supposes that he has been heroically fending off the greatest threat to the world economy he can imagine — the dreaded deflation of the price level for currently produced goods and services, a phenomenon associated in his mind with the horrors of the Great Contraction of 1929-33...

Is Bernanke wise enough to exit?

TCS Daily
by Larry Kudlow


Fed head Ben Bernanke went before Congress this week with his midyear update on monetary policy and the economy. In so many words, the former Princeton economics professor is taking credit for averting the collapse of our financial system; is cautiously optimistic about economic recovery by year-end and 2 to 3 percent growth in 2010; and says he has the tools and wisdom for a carefully crafted liquidity-exit strategy that will prevent future inflation and more asset bubbles. Do we believe him? Is he credible? Or is this a triumph of hope over experience?

Bernanke must go

Cato Institute
by Mark A. Calabria


If his hearings this week before the House and Senate made one thing clear, it is that Fed chairman Ben Bernanke has lost the confidence of Congress, and likely also that of the American public. Were Bernanke’s only problem a loss of congressional confidence, he could overcome it. However, the erosion of public trust in the Fed has been the result of a long string of policy failures, which have overshadowed the few successes...

Informant: Thomas L. Knapp


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