George Will / Fed’s business is monetary policy, not fiscal policy - Press of Atlantic City: Commentary

George Will / Fed’s business is monetary policy, not fiscal policy

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Posted: Thursday, September 13, 2012 12:01 am

KANSAS CITY, Mo. - Fortunately, not everything is up to date in Kansas City. Esther George, president of the regional Federal Reserve Bank here, is refreshingly retrograde regarding what less-circumspect people welcome as the modernizing of the nation's central bank into a central economic planner. She has concerns, both prudential and philosophical, about the transformation of the Fed in ways that erase the distinction between monetary policy, which is the Fed's proper business, and fiscal policy, which is inherently political.

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