japan20000

Ben Bernanke Will Bring Back the 70s Inflationary Economy

US are lucky they have FRS as a semi-private institution. This means it operates to a larger extent in the interest of business, as compared to other central banks. The argument that it is gratuitous for the Fed to enforce rates instead of the market sounds nice but breaks against the fact that it is not the market that prints M1.
Some comments here rightfully and trivially point out that the problem boils down to the necessity of redistributing productive resources ("We produce too few high-quality competitive products the rest of world likes to buy from us"). There is political friction to that. Inflation eases that friction.
Let's not forget that a successful strategy is one that will let as many people as possible produce as many goods and services as possible that satisfy our needs in the best possible way. Stable prices and currency are factors, not goals.