Meltzer criticises Burns and Bernanke over Fed independence

Allan Meltzer criticises the former Fed chairs for giving independence away

Ben Bernanke
Former Fed chair Ben Bernanke
Photo: US Fed/Wikimedia Commons

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

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