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Is Ben Bernanke Unleashing Inflation?

Is Ben Bernanke Unleashing Inflation?
Photograph by Getty Images

Conservative economists are paying attention to the man behind the curtain and not liking what they see. At a meeting in a Manhattan hotel on Nov. 20, the so-called Shadow Open Market Committee criticized Federal Reserve Chairman Ben Bernanke for an ultra-easy monetary policy that will, in their opinion, lead ultimately to dangerously higher inflation.

“We aren’t in Kansas anymore,” said Columbia University economist Charles Calomiris, referring to the mind-bending changes in the Fed’s monetary policy under Bernanke’s chairmanship. That’s not the same as calling Bernanke the new Wizard of Oz, but it’s close.