February 23, 2011
Talk about a dual mandate:
In accounts of the political unrest sweeping through the Middle East, one factor, inflation, deserves more attention. Nothing can be more demoralizing to people at the low end of the income scale—where great masses in that region reside—than increases in the cost of basic necessities like food and fuel. It brings them out into the streets to protest government policies, especially in places where mass protests are the only means available to shake the existing power structure. -- George Melloan
Okay, Mister Bernanke, you have to keep the US at full employment, keep the currency stable, and preserve peace in the Mideast. For tools, we give you the discount window, bond purchases through the FOMC, and in extreme circumstances you may expand the Fed's balance sheet through other asset purchases.
When can you start?