Jun
01
2010

Framing the Fed as Financial Philosopher Kings

'Independent' of the public, but not bankers

Ben Bernanke--Photo Credit: Flickr Creative Commons/Gerald R. Ford School of Public Policy

The fact that there was any doubt about Ben Bernanke’s reconfirmation as chair of the Federal Reserve drove corporate media into a state of high anxiety. “The battle over Bernanke’s confirmation has been a test of central bank independence, a crucial element if the Fed is to carry out unpopular but economically essential policies,” an AP news story reported (1/28/10). A Washington Post editorial (1/25/10) fulminated: By threatening his tenure for no apparent reason other than political panic and pandering, his new opponents have turned this confirmation process into a test of central bank independence, which is an indispensable element […]