The Washington Post is reporting that Federal Reserve Chairman Ben S. Bernanke is hitting back at the major nations that have criticized the Fed's latest actions to try to boost growth, offering a blunt argument that the steps were needed to keep the U.S. economy growing — and, by extension, to keep the global recovery on track. He argued that the Fed alone can't fix the economy. Germany and China need to come on board. In Germany, a nation that has ridiculed the Fed for its decision to buy $600 billion in bonds with newly created money, Bernanke argued that the action was essential to reduce joblessness and maintain a strong dollar over the long run. When you're facing high unemployment for many years, something has to be done. Bernanke also issued a stern warning to China, stating that China and other emerging nations are putting the global economy at risk by keeping their currencies artificially low. Bernanke is telling it like it is. Now, will folks be able to hear it?Read more at the Washington Post.
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