Chairman of the Federal Reserve is arguably the most important unelected office in America. It wields enormous influence over the financial health of the nation, and indeed the world. So it is incumbent upon members of the Senate Banking Committee, which could hold confirmation hearings before the end of November, to ask the right questions of the President’s Fed nominee, Janet Yellen. Professor Yellen is clearly qualified, having held the number two position at the Fed under current chairman Ben Bernanke, and has previously chaired the San Francisco Federal Reserve. What is in question is the direction she will take monetary policy during the next four years.
Prolong the Depression it did -- but it never replaced the Federal Reserve and its monetary policy as the main culprit.