Tuesday, November 23, 2010 – by Staff Report
Frederic Mishkin
'Credibility of the Fed' Under Historic Attack: Mishkin ... The Federal Reserve is undergoing what former central bank governor Frederic Mishkin (left) is calling an unprecedented level of attacks caused by its inability to articulate a clear message regarding its multitrillion-dollar monetary policies. In a CNBC interview, Mishkin said the Fed has done a poor job justifying its efforts to buy Treasurys and other securities as a way to stimulate the economy—a policy often referred to as quantitative easing. Washington officials have sharply criticized the central bank, with some recently saying that the Fed ought to lose its dual mandate of controlling inflation and ensuring maximum employment, and focus solely on inflation. In several decades of studying Fed history, Mishkin said he has never seen attacks more intense. Mishkin is an economist and professor at Columbia Business School and served on the Fed from 2006-08. – CNBC
Dominant Social Theme: Where the heck did this come from? Why the haters? ...
Free-Market Analysis: So Federic Mishkin, who is a well-known economist of the Keynesian variety has realized, perhaps belatedly, that the US Federal Reserve is under attack and that the attacks are "unprecedented." This does not surprise us however (nor you), as we predicted this about a year-and-half-ago. In this article, we want to use Mishkin's statement to restate the Bell's underlying premise regarding the Internet and the Western power elite – and how it helped with a conclusion long before Mishkin came to his apparent perspective.
No comments:
Post a Comment