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Bernanke Takes On Critics of Fed Policy
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Speaking at the Economc Club of Indiana, U.S. Federal Reserve chairman Bernanke, says responsibility for fiscal policy lies fully on Congress and the administration. Monetary easing through QE I,II and III, which reduces the borrowing costs of the U.S. government by keeping interest rates low, cannot be seen as taking pressure off Congress and the administration, as critics claim. He countered criticism by saying: "Suppose notwithstanding our legal mandate, the Federal Reserve were to raise interest rates for the purpose of making it more expensive for the government to borrow. Such an action would substantially increase the deficit, not only because of higher interest rates, but also because the weaker recovery that would result from premature monetary tightening would further widen the gap between spening and revenues." Lawmakers would be no more inclined to come up with a program to reduce the deficit in this situation argues Bernanke. This statement of Bernake only reaffirms that low interest rates are an important goal here in the U.S.,- just as they are for France and other countries in Europe that are faced with tackling large debt and deficits- and are part of the overall solution for the government to manage its finances.
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Bernanke's defense of the Federal Reserve's QE I, QE II, and QE III. focusses on keeping interest rates down because higher interest rates would increase borrowing costs of the government. In the eurozone capital markets are setting interest rates for Germany, France, Italy and Spain. The Fed is using its monetary policies to set rates low to keep borrowing costs on U.S. debt down. It also keeps economic growth from dropping to a point where it reduces government revenues and worsens the deficit. This buys time for Congress and a newly elected administration to come together on a plan for the deficit and generating growth.
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