Meltzer criticises Burns and Bernanke over Fed independence

bernanke-ben
Former Fed chair Ben Bernanke

Arthur Burns and Ben Bernanke, both academic economists, are "the two worst Fed chairmen to date", according to Allan Meltzer. "They did not lose independence. They gave it away willingly," he said on May 9.

Burns served as Federal Reserve chair from January 1970 to March 1978. Meltzer accused him of giving up the Fed's independence for the benefit of then-president Richard Nixon. "Burns financed deficits with money and blamed labour unions for inflation," he said.

He was also critical of

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: