So why doesn't the Fed ease...? The costs to workers and to the real economy are a quite serious matter. But as for the Fed's reputation, I'm much less sure. It seems sort of odd to think that the Fed is persistently missing its inflation target on the downside while also leaving millions to languish unemployed.... Ben Bernanke has brought us the lowest inflation of any Fed chairman of the postwar period. You may call it prolonged mass unemployment, but he may see it as a huge success.Read More
Dr Ben Shalom Bernanke (1953- )
My fear is that Dr Ben Bernanke's tightfisted approach to monetary policy has less to do with what is best for society, and everything to do with Dr Bernanke's self-aggrandizement as a champion inflation fighter. History will be the judge...
Source: Yglesias, M (2012, July 10), Explaining the Federal Reserve's Complacency, Slate.