Bernanke: Fed Not Out of Ammo Yet

Let our journalists help you make sense of the noise: Subscribe to the Mother Jones Daily newsletter and get a recap of news that matters.

Ben Bernanke told Congress today that the economy is still pretty shaky, and the Fed will take action if it turns down:

Bernanke said that the Fed could start new purchases of securities….his clearest indication to date that a third round of so-called “quantitative easing” is in the realm of possibility. Another option would be to provide “more explicit guidance” about how long the Fed’s current policy of ultra-low interest rates will remain in place….The Fed chief also said that the central bank could lower the rate it pays banks to park money at the Fed, currently 0.25 percent.

That’s reassuring, I guess. In related news, Cate Long reports that Ron Paul continues to be a gold bug:

Ron Paul to Bernanke: “Is gold money?” Bernanke: “No it’s a precious metal”. Paul: “Why do central banks hold it?” Bernanke: “Tradition.”

Roger that. Time to grow up, Ron.


Headshot of Editor in Chief of Mother Jones, Clara Jeffery

It sure feels that way to me, and here at Mother Jones, we’ve been thinking a lot about what journalism needs to do differently, and how we can have the biggest impact.

We kept coming back to one word: corruption. Democracy and the rule of law being undermined by those with wealth and power for their own gain. So we're launching an ambitious Mother Jones Corruption Project to do deep, time-intensive reporting on systemic corruption, and asking the MoJo community to help crowdfund it.

We aim to hire, build a team, and give them the time and space needed to understand how we got here and how we might get out. We want to dig into the forces and decisions that have allowed massive conflicts of interest, influence peddling, and win-at-all-costs politics to flourish.

It's unlike anything we've done, and we have seed funding to get started, but we're looking to raise $500,000 from readers by July when we'll be making key budgeting decisions—and the more resources we have by then, the deeper we can dig. If our plan sounds good to you, please help kickstart it with a tax-deductible donation today.

Thanks for reading—whether or not you can pitch in today, or ever, I'm glad you're with us.

Signed by Clara Jeffery

Clara Jeffery, Editor-in-Chief

payment methods

We Recommend