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Plosser's Monetary Rules
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Speaking in Santiago, Chile, Philadelphia Fed president Charles Plosser, pointed to the limits and hazards of excessive use of monetary policy by the US Fed. The Fed, Plosser said, cannot reverse the sharp decline in house prices when the economy has significantly overinvested in housing. The Journal editorial states that though its never been stated as such, the Fed's current easy money policy is intended to reflate the housing and job markets. Plosser said the excessive faith and reliance on monetary policy can undermine the recovery by "distorting price signals and thus resource allocations, adding to instablity."
Criticism of Bernanke's role at the Federal Reserve
01/02/2009
The difficult renomination and the subsequent 70-30 vote with 30 Senators opposed including Boxer, Feingold, Sanders and others. This follows Ron Paul's criticisms in Congress of the Fed's role- see that link group.
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Allan Meltzer's action plan for the economy includes reversing the excessive monetary easing starting now in October 2009 so that it can be done gradually and not hurt the economy through sudden contraction later on.
10/01/2009
Allan Melzer was co-founder an co-chairman of the Shadow Open Market Committee for over two decades, advisor to Presidents Kennedy and Reagan, and one of the foremost experts on the Federal Reserve System. He calls for the U.S. Federal Reserve to adopt an early exit strategy from loose monetary policies.
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Is the U.S. Economy Turning Japanese?
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Jobs Now, Deficit Reduction Later
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A different view of the Federal Reserve's $600 billion easing decision in 2010.
11/19/2010
The unstated reason being a decline in real estate markets leading to a bad loans crisis for the banks.
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What's Really Behind Bernanke's Easing?
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Perry Suggests Fed is Almost Treasonous
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Philadelphia Federal Reserve bank president Charles Plosser and other expert criticism of Fed chairman Bernanke's monetary policy.
01/04/2010
Plosser says the Fed cannot create jobs or retrain a workforce. In the short term the Fed can act against disinflation, says Plosser, but in the long term Fed policy such as the one being pursued by Bernanke can backfire and lead to more instability in the economy. The Dallas Fed President, Richard Fisher, expresses similiar views.
Grouped Articles
Martin Feldstein: The Federal Reserve's Policy Dead End
Wall Street Journal 05/09/2013
Once Again, the Fed Shies Away From the Exit Door
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Bhidé and Phelps: Central Banking Needs Rethinking
Wall Street Journal 07/16/2013
Bravo for Bernanke and the QE Era
Wall Street Journal 01/20/2014
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Drawbacks of the US Federal Reserve's move on Nov 3, 2010, to buy $600 billion of Treasury securities (QE II).
08/12/2010
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Fedâs More Aggressive Move May Not Go Far Enough
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Bernanke Seems to Fear Fate of Japan, Not Greece
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Central Bank Treads Into Once-Taboo Realm
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Growing criticism of the Federal Reserve's $600 billion QE II decision in 2010-2011.
08/12/2010
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How QE 2 Could Drift Off Course
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Bravo for Bernanke and the QE Era
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More Presidents of Private Colleges Earn Over $1 Million
New York Times 11/15/2010
New York Fed President Defends Bond Buying Plan
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Book Review - All The Devils Are Here - By Bethany McLean and Joe Nocera
New York Times 11/19/2010
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