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As a part of our “All Beard Wednesday” programme, we would like to call your attention to a Reuters piece so bold as to compare the Fed Chairman to Clark Kent and Superman.
True, the piece badly mixes metaphors, implying Superman was some kind of “swashbuckler,” and lamenting that Bernanke might lose some of “his swashbuckling spirit.”
The Fed has every reason to be politically intimidated. Relations between lawmakers and the Fed are close to an all-time low.
Much congressional ire has been focused on the Fed’s role in bank bailouts. There has been nervousness over its expanded balance sheet, which more than doubled during the crisis to around 14 percent of GDP.
For some Republican Senators such as Jim DeMint, the Fed’s purchase of U.S. Treasuries has been aiding and abetting “reckless” spending by Obama. DeMint is not alone in believing that credit easing is a covert means of devaluing the dollar. In the House an increasing number seem willing to listen to obsessively anti-Fed Congressman Ron Paul.
It is not surprising that correspondents for foreign outlets might be desirous of a more activist and powerful Fed. They, after all, seem less blinded by the trappings of power and can therefore, see what a pack of knee-biting wild dogs Congress is, and how completely they will destroy the United States if permitted to tinker with the structure of the Fed- much less continue to meddle with the economy.
Bernanke: Back to Clark Kent [Reuters]