When the independent Fed buys bonds to affect short-term economic stimulus by manipulating long-term interest rates, this is less monetary policy than fiscal policy, which is the business of an accountable Congress. It also is a preposterous arrogation by the Fed of a role as the economy's central planner, a role beyond the Fed's — or anyone else's — competence, and incompatible with its independence.
Bernanke's term ends in 2014 and Mitt Romney says he would not reappoint him. If Romney becomes president, he should appoint someone such as George, who would concentrate on protecting the currency as a store of value — restraining inflation — while reversing the recent inflation of the bank's ambitions, which have not prevented the recovery from being dreadful and may have helped to make it so.
George Will's email address is email@example.com.
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