... Bernanke typically is described as that rarest of combinations: a Republican yet also an Ivy League academic, a bureaucrat who’s nevertheless respectful of markets, an expert on the Great Depression yet aware of the Fed’s role in it, and above all a man supposedly wise enough to not let “it” happen again.
Yet in 2008-2009 Bernanke did nearly let “it” happen again — a banking collapse, a depression, deflation — by bringing the U.S. financial system to its knees by roughly the same Fed policy adopted in the 1930s, followed by his blizzard of paper-money printing that has caused a dollar debasement unprecedented in U.S. history.
The result has been...
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