Fed Chairman Bernanke On The Defensive In Germany
STEVE INSKEEP, Host:
NPR's business news starts with Fed chairman Ben Bernanke on the defensive.
(SOUNDBITE OF MUSIC)
INSKEEP: The Federal Reserve chairman is in Germany today. He gave a speech defending the Fed's recent move to buy $600 billion worth of U.S. Treasury bonds. This is a move called quantitative easing. The idea is to pour more cash into the economy and stimulate growth in an economy that Bernanke says is still at risk.
BEN BERNANKE: On its current economic trajectory, the United States runs the risk of seeing millions of workers unemployed or underemployed for many years.
INSKEEP: Bernanke's move faced a lot of criticism at home and abroad. Countries, including China, complain that it could encourage inflation over the long term, or devalue the U.S. dollar. In his speech today, Bernanke critiqued China's own currency policy and he also suggested that he cannot fix the economy alone. Bernanke says Congress should find a way to stimulate the economy too.
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