Bernanke, Self-appointed Central Planner in Chief, Administers “Monetary Morphine.”

In the piece below, George Will astutely notes that Fed Chairman Bernanke has not only appointed himself Central Planner in chief, a role which he adopted shortly after becoming Fed chairman. He has also executed a takeover of fiscal policy, something the Fed is supposed to stay out of. Will does not make the further point, but it may be added that the Fed seems to be operating far beyond its legal mandate. There is some vague language in the Federal Reserve Act Bernanke is hiding behind, but the smokescreen might very well not hold up in court, especially if the judges actually read the law and enforce it.

Click here for the piece.