An unholy consensus props up what Amity Shlaes calls the "Bernanke church." Academics, bloggers, journalists, and government officials...
An unholy consensus props up what Amity Shlaes calls the "Bernanke church." Academics, bloggers, journalists, and government officials are nearly unanimous in their support for the Fed's continuing easy-money policy.
But this kind of consensus is "creepy," Shlaes writes in the Chicago Tribune. Instead, she exhorts iconoclasts to "step forward" and "break some glass." Otherwise, "younger Americans will have to pay 1980s-level interest rates on their first homes." Postponing monetary tightening "imposes great costs on an economy," Shlaes argues. "The less concern there is about inflation, the greater difficulty a central bank will have in halting it."
Read Amity Shlaes on "the monetary church."
