Hanke, Steve H.
November 2008
Forbes Asia;11/10/2008, Vol. 4 Issue 19, p49
The article presents the author's opinion that the main culprit for the current financial crisis is the U.S. Board of Governors of the Federal Reserve System. He says that in 2002 the Reserve pushed down the monetary accelerator, following the advice by its governor Ben S. Bernanke. The move squeezed federal funds rate down to 1% and pushed final sales to an unsustainable growth rate of 7% in nominal terms. The policy blunder also weakened the dollar and stimulated commodity price inflation.


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