Barack Obama's audacity of hype crumbles

Telegraph
"On monetary policy, Obama has remained a bystander to the efforts of Ben Bernanke at the Federal Reserve. Having reached close to zero interest rates in December, Bernanke announced the Fed would print money in an attempt to bring down real interest rates. Then he travelled to the London School of Economics to tell the world to reject the classic policy of "quantitative easing": the Fed would buy private-sector debts, not government bonds. Finally, on March 18, after a fractious argument within the Fed, he relented, adopting the classic form of the tactic on a massive scale."