At a swearing-in ceremony marking the start of his second four-year term, Mr. Bernanke said the central bank's independence serves important public objectives.
"Critically, it allows the Federal Open Market Committee to make monetary policy in the longer-term economic interests of the American people, rather than in the service of short-term political imperatives," the Fed chief said.
Because "short-term political imperatives" might include knowing what the Fed is doing -- for example, through an accounting practice known as "an audit" -- the Federal Open Market Committee must strike down this threat to the "interests of the American people" with the sword of "independence" and the hammer of forgetting everything that has transpired in the past 15 months.
No comments:
Post a Comment