Wall Street Journal (April 21)
2011/ 04/ 23 by jd in Global News
The Journal argues that the Federal Reserve should act more as a global central bank. “The dollar is the world’s reserve currency…. Yet for at least a decade, and especially since late 2008, the Fed has operated as if its only concern is the U.S. domestic economy.” The result has swamped countries trying to battle inflation with huge capital inflows. Domestic repercussions will also emerge. The Fed has single-mindedly expanded the money supply to stimulate the economy. “The bill is coming due in a weak dollar, food and energy inflation, and the decline of U.S. economic credibility.”
Tags: Economy, Fed, Inflation, Reserve currency, U.S.
