Helicopter Ben Earns His Wings

If I were Zhou Xichuan, the governor of the People’s Bank of China and chairman of the government’s Monetary Policy Committee, or Toshihiko Fukui, governor of the Bank of Japan, I would have been stunned by US Federal Reserve Chairman Ben Bernanke’s 50 basis point cuts in the Fed funds and discount rates this week. Coming at a time when rate increases were needed to combat the sinking dollar and surging gold, oil and other commodity prices, it may go down as the most irresponsible move in Fed history.

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