Paul Krugman: Not Enough Inflation
A few days ago, Alan Greenspan, the former chairman of the Federal
Reserve, spoke out in defense of his successor. Attacks on Ben Bernanke
by Republicans, he told The Financial Times, are “wholly inappropriate
and destructive.” He’s right about that — which makes this one of the
very few things the ex-maestro has gotten right in the past few years.
But why are the attacks on Mr. Bernanke so destructive? After all,
nobody in America is or should be immune from criticism, least of all
those — like the chairman of the Fed — who, by the nature of their
positions, have immense power to make our lives better or worse. And
while there is an unmistakable thuggishness to the campaign against the
Fed, most famously Rick Perry’s warning that the Fed chairman would be
treated “pretty ugly” if he visited Texas, surely the bad manners of the
critics aren’t the most important issue.
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