Presidential Policy vs. Fed Policy on Jobs – NYTimes.com

Presidential Policy vs. Fed Policy on Jobs – NYTimes.com.

Ben S. Bernanke, left, the Federal Reserve chairman, with Stanley Fischer, governor of the Bank of Israel, in Jackson Hole, Wyo., on Friday.

Ben S. Bernanke, left, the Federal Reserve chairman, with Stanley Fischer, governor of the Bank of Israel, in Jackson Hole, Wyo., on Friday.Nazemi-Nader

We have always lived in the age of Central Banks, to thing otherwise is naive. In fact banks bave been major players in the economies of the world and government decisions since money lending came into play and banks started borrowing money in order to finance their wars.

Mitt Romney said Thursday night that, if elected president, he would create millions of jobs. On Friday morning, the Federal Reserve chairman, Ben S. Bernanke, said that the Fed’s policies may have helped create millions of jobs since the financial crisis.

 So who actually has the most power to create jobs today – the president, or the Fed chairman? The answer to that question tells us whether we now live in the age of democracy, or the age of the central bank.

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