The Great Debate
As markets await the latest parade of global purchasing manager reports, referred to as supply management reports in the U.S., and the all-important U.S. payroll employment data on Friday, a great debate has been raging in the press regarding the efficacy and beneficiaries of current Fed monetary policy. The debate has reached such a level that Chairman Bernanke has directed commentary toward Nobel Prize-winning economist and New York Times columnist Paul Krugman. This weekend Krugman was featured in The New York Times Magazine calling for more quantitative easing and once again directly criticizing Ben Bernanke.
Other commentators in this public spectacle have provided additional prescient insights. Stanford professor John Taylor has been quite vocal in his denouncement of Fed policymakers for manipulating interpretations of his famous "Taylor Rule" to defend zero interest rate policy (ZIRP), which is fast approaching its fourth anniversary in America. Contrary to calling for additional quantitative easing, Taylor is advocating raising short-term interest rates....801 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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