Thursday, September 22, 2011

The Fed Is Political

. Thursday, September 22, 2011

Today's edition: Mike Konczal tries to rally liberals around the Fed-bashing flag:

For most policymakers and commentators on the left, aggressive monetary policy and inflation has long taken a backseat to fiscal and financial sector issues when it comes to discussing how to return our economy to its full potential. That has allowed the conservative movement and the financial sector to dominate the monetary discussion throughout our current recession—and their focus, as we have seen in recent weeks, is a perpetual fear about imminent hyperinflation. But liberals should be addressing monetary policy head-on, and they should do so by challenging conservatives’ definition of the term “credibility” as it applies to our central bank.
So when can we stop talking about the Fed as if it were an apolitical, technocratic institution?

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The Fed Is Political
 
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