Debasing the currency

Wikipeda on debasing the currency


“Debasing the currency” is, of course,
precisely what Ben Bernanke and his supporters are doing
when they expand the money supply.
But the media never calls it that, too pejorative.
Why give the general public
an accurate picture of what our “elite” is doing to the economy?
Rather they use the pretentious euphemism “quantitative easing.”
To use an old Anglo-Saxon term, what bullshit.

Fed Adopts Political Tactics on Critics
New York Times, 2010-11-23


Faced with unusually sharp ideological attacks
after its latest bid to stimulate the economy,
the Federal Reserve now faces a challenge
far removed from the conduct of monetary policy:
how to defend itself in a hyperpartisan environment
without becoming overtly political....

[The desire to avoid debasing the currency certainly is far removed from
the usual valencies that divide Republicans and Democrats.]

Caught off guard by accusations from
Congressional Republicans, Sarah Palin, Tea Party activists
and conservative economists,
the central bank and its chairman, Ben S. Bernanke, are pushing back,
making their case on substantive grounds
but also haltingly adopting the tactics of Washington battle,
like strategically placed interviews, behind-the-scenes assuaging of opponents
and reaching out to potential allies on Capitol Hill.....

[Is the argument that attacks from conservative economists
are inherently political and partisan,
while attacks from liberal economists are not?]