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Bernanke Defends Fed Bond-Buying Policy
Poziom:
Temat: Społeczeństwo i nauki społeczne
The strategy of pumping billions of dollars
into government bonds to spur the U.S. economy
has drawn sharp criticism around the world
- most recently from G20 finance ministers
who called the U.S. Federal Reserve policy
of quantitative easing misguided.
They claim the plan, which essentially allows
the US to print money, will flood world markets
with cheap dollars and drive other currencies
higher.
Not so, says Bernanke, who launched his most
forceful defense of the US policy Friday
- at a European Central Bank Conference in
Frankfurt Germany. "The best way to continue
to deliver the strong economic fundamentals
that underpin the value of the dollar, as
well as to support the global recovery, is
through policies that lead to a resumption
of robust growth in the context of price stability
in the United States," he said.
In other words, a strong global recovery requires
a healthy U.S. economy.
With Congress reluctant to provide more stimulus
to bolster the U.S. economy, the bond purchasing
plan is one of the few options left for the
central bank to lower interest rates. "On
its current economic trajectory, the United
States runs the risk of seeing millions of
workers unemployed or underemployed for many
years. As a society we should find that outcome
unacceptable," Bernanke said.
Critics say the fed policy promotes inflation,
lowers the value of the dollar and makes U.S.
exports cheaper. But with emerging markets
returning to pre-crisis levels faster than
developed nations, Bernanke said polices to
rebalance the global economy are necessary.
He also spoke out against countries that deliberately
keep their currencies weak, without mentioning
China. "Currency undervaluation by surplus
countries is inhibiting needed international
adjustment and creating spillover effects
that would not exist if exchange rates better
reflected market fundamentals," said the central
bank chief.
Bernanke's comments come days after a congressional
report urged Washington to do more to force
China to increase the value of its currency.
The U.S. believes Beijing deliberately weakens
the yuan to make Chinese exports cheaper.
