“Federal Reserve Chairman Ben Bernanke has been a “terrible central banker,” trying so hard to guide the economy that he has lost sight of his primary role, which is to control inflation, keep the dollar healthy and let the economy guide itself, Forbes magazine editor and former presidential candidate Steve Forbes told Newsmax.TV in an exclusive interview.
Under Bernanke, the Federal Reserve has slashed interest rates to near zero and injected trillions of dollars into the economy in an effort to create jobs and stave off deflationary fears.
Fed tools have included purchasing assets like Treasurys and mortgage-backed securities from banks, technically known as quantitative easing but dubbed by critics as printing money out of thin air, with some reports pointing out the Fed last year bought 61 percent of the total net Treasury issuance, giving the White House more leeway to borrow and spend.
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