Yellen faces a logistical nightmare

david-rowe

Public discussion of US monetary policy over the past five years has been remarkably ignorant. Critics of Ben Bernanke often claim that, under his chairmanship, the Federal Reserve has been destroying the integrity of the US dollar and encouraging runaway inflation. This seems to be based on a misunderstanding of how fractional reserve banking works. 

Understanding Fed policy since late 2008 requires some familiarity with the extended debate among economists about the causes of the Great

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