The race for the new Fed chairman is heating up and it really is coming down to a choice between Janet Yellen and Larry Summers. What this means is that there will be a choice between two doves. Both are on record for having higher inflation as a tool to help get real rates negative. Both will be activists with respect to monetary policy and I don't mean that they are worried about higher inflation. Their desire for creditability is with helping economic growth and not controlling inflation. Should the economy be faced with only one view of central banking?
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