Ben Bernanke defends the Fed’s decision to pump up the economy
November 7th, 2010 - 8:13 pm ICT by Aishwarya BhattJekyll Island, Nov 7 (THAINDIAN NEWS) Federal Reserve Chairman - Ben Bernanke has assured Americans that the Fed’s decision to pump extra hundreds of billions into the United State economy will not harm the economy. The Federal Reserve announced recently that it plans to inject some $600 billion into the ailing American economy to ensure that the economy gets back on track. The total amount will be pumped into the economy by the middle of next month.
The move has been criticized by some economic experts who fear that the injection will trigger unprecedented inflation in the United States. They argue that it will lead to the weakening of the dollar and eventually come back to hurt the economy more. That though is not what Bernanke thinks. He said rather than lead to inflation, the move will help check “disinflation” which can equally harm the United States economy.
The conference was also attended by the former Chairman of the Federal Reserve, Alan Greenspan. Alan Greenspan was the chairman of the Fed until 2006 and was highly praised for the success of the American economy. However after the economic crisis, most of the praise has been reversed because critics believe that it was his strong handling of inflation that eventually led to the challenges the housing market faced. Mr. Greenspan denied that assertion.
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