During a CNBC interview, Harvard history professor Niall Ferguson spoke of "desperate improvisation" at the Federal Reserve. Ferguson also stated an interesting view of how Yellen might differ from Bernanke: "Theoretically [she is] on the same page as Bernanke, but covertly, she would really like to have a nominal GDP target--a new level of policy innovation on the monetary side."

An inflation target; an unemployment rate target; a target for the short-term "Fed funds" rate; a target for market bond yields; and now, perhaps, a GDP target. Lots of policy targets that obfuscate the Fed's true intentions: The Fed is trapped in a desperate monetary inflation and there is apparently no mechanism to rein in our central bank.

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