Faith in Fed's omnipotence must be challenged, says Rajan


The Federal Reserve's role as stimulator of the first resort is threatening to wreak havoc on the long-term economic health of the United States, a former IMF chief economist has warned.

Raghuram Rajan, the former IMF chief economist who now teaches at the University of Chicago's business school, the view that the Fed could solve the problem of high unemployment simply by stimulating the economy threatened to create "enormous damage" to the health of the United States economy.

"There is a genera

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