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30 Aug, 2011

Magicians of monetarism have very few tricks left up their sleeves – The Independent

Somehow, investors have got it into their heads that the world is run by magicians always capable of pulling rabbits out of hats. Last week was a case in point. Ben Bernanke, the chairman of the US Federal Reserve, gave a speech at Jackson Hole, Wyoming, at the annual shindig of central bankers, academics and assorted policy wonks. Would he wave his magic wand? Did he have a few tricks up his sleeve? Would the world’s economic problems come to an abrupt end?

As it turned out, Mr Bernanke promised little, announcing only that there would be an extra day set aside at the next scheduled meeting of the Federal Open Market Committee (FOMC) in September to discuss further policy options. Big deal.

via Stephen King: The magicians of monetarism have very few tricks left up their sleeves – Stephen King, Business Comment – The Independent.