Ben Bernanke to Succeed Greenspan

President George W. Bush nominated top White House economist Ben Bernanke to succeed Alan Greenspan as Federal Reserve chairman, and the former Fed board governor pledged to keep faith with the Greenspan era. If confirmed by the U.S. Senate, Bernanke, a widely respected monetary economist with a rich academic resume, would have huge sway over the world's mightiest economy.

Greenspan, 79, is set to step down on January 31 after leading the central bank for more than 18 years through a period in which he cemented a reputation as a monetary policy "maestro." Bernanke, now chairman of the White House Council of Economic Advisers, must still be approved by the U.S. Senate for the top Fed job. The selection of Bernanke met with a generally positive reaction among Capitol Hill Republicans, although some key Democrats were more guarded.

- Hmm, that would be the one and the same Ben "Printing Press" Bernanke, wouldn't it?

"... the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services."

- Ben S. Bernanke
November 21, 2002

- Here's to hoping that he doesn't overdo the printing press part, eh? And, apparently, he's also the one and the same Ben "Helicopter Money" Bernanke.

(2005-10-25 11:03:43 SGT) [Biz] Permalink

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