Bernanke Number of the Beast

It takes time for interest rate hikes to have an effect on inflation. Fed Chairman Ben Bernanke compares himself to a quarterback who throws the ball ahead of the receiver. That may not be the most appropriate metaphor. Inflation, after all, is often conceived of as a demon which wreaks havoc on financial markets. That’s why on this so-called Day of the Beast, Bernanke should cast himself as the exorcist whose job it is to slay inflation. Interest rates must continue rising to keep inflation in...