In a remarkable turn, the New York Times provides well-rounded coverage of the policy of the Fed of buying bonds, and especially bonds backing mortgage securities. There, hero Fed Governor Jeffrey M. Lackner speaks out forcefully about perhaps the most important issue on the national agenda -- the purposeful undermining of the value of the dollar in an attempt to resuscitate the US and world economies.
Mr. Lackner points out that the risks of plunging into the unknown are greater
than the benefit to be achieved -- and that benefit appears to be minimal if
It's an important read.