Ben Bernanke is Back to Marketing the Dirty Fed's Awesomeness
I wonder if Zimbabwe Ben knew when Bush tapped him as Fed Chair in 2006 that he'd be in charge of marketing and branding for the US's most loathed institution. That's a rough job, ask BP how it feels to 'splain yourself over and over and over to ignorant Congressional asshats and the unwashed masses.
Federal Reserve Chairman Ben S. Bernanke said central banks must be free from political pressure as they bolster regulation and try to prevent future financial crises.
“In undertaking financial reforms, it is important that we maintain and protect the aspects of central banking that proved to be strengths during the crisis and that will remain essential to the future stability and prosperity of the global economy,” Bernanke said today in a speech at the Bank of Japan in Tokyo.
Bernanke and other central bank chiefs have faced mounting political threats to policy independence while combating the worst financial crisis since the Great Depression.
In the U.S., Bernanke is trying to beat back legislation he says may reduce economic and financial stability by impinging on policy makers’ autonomy in setting borrowing costs. European Central Bank officials are defending their independence after the institution backed financial support for countries including Greece. In Japan, the government has pressured the central bank to help spur the economy and eradicate deflation.
Bernanke highlighted the benefits of autonomy rather than discussing recent threats.
“In exchange for this independence, central banks must meet their responsibilities for transparency and accountability,” Bernanke said to a conference hosted by Japan’s central bank.
LMFAO! Transparency and accountability? Since when is this supposed Fed independence a trade off? I thought it meant policy untainted by political whims and in exchange the Fed has agreed to keep unemployment and inflation low? Since it has failed on both cluck missions (uh, nearly double digit employment and a 95% loss in purchasing power since its inception in 1913), can we just drop that BS line and be real about what's going on here?
Seriously, what more does this man want? The Fed has won two large battles lately and with the eurozone freaking out, it's no longer getting the scrutiny it was several months back. Would he also like a pony?
Check out Central Bank Independence, Transparency, and Accountability if you want more of this crap.