Sunday, January 9, 2011

Bernanke’s aggressive defense of his quantitative easing policy shows he’s consolidated his power over internal critics at the Fed

Bernanke's performance Friday suggests the academic-turned-central banker has clearly established room to maneuver on policy issues, and to speak his mind on Capitol Hill. Having brought the U.S. economy through the worst economic downturn since the Great Depression, Bernanke’s aggressive defense of his quantitative easing policy shows he’s consolidated his power over internal critics at the Fed, who would prefer a tougher stance on inflation and less attention to job creation. One of his chief critics on the Fed board, Thomas Hoenig of the Kansas City Fed, rotates off the Federal Open Markets Committee this month.

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Nick Sorrentino is the Editor of The Liberty and Economics Review and CEO of Exelorix.com a social media management company.