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Many monetary experts believe that the Fed tries to keep inflation at about 2percentt a year.
Similarly, many monetary experts still insist that the European Central Bank should focus on controlling the money supply, just as the German Bundesbank did.
And yet, starting with the advent of the Clinton administration, Greenspan effected a magical shift in the prestige of monetary experts.
In retrospect, it was a traditional, classic crisis, but in a very, very different guise, different types of financial instruments, different types of institutions which made it for an historian like me more difficult to see .Yet most monetary experts have already given Mr Bernanke high marks for his handling of the crisis.
But the exact implication of his remarks for interest rates was left unspecified.A more detailed insight came from Frederic Mishkin*, a Fed governor who, along with Mr Bernanke himself, is one of the most accomplished monetary experts on the central bank's interest-rate setting committee.
Some monetary experts reckon this a bad idea because it is difficult to gauge precisely when a bubble starts to inflate, but the dangers inherent in ignoring asset markets and focusing just on goods and services are now conspicuous and compelling.
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"First we had economic integration, then we had monetary integration," said Sylvester Eijffinger, a member of the monetary expert panel advising the European parliament.
Among the buyers was Keynes, the legendary Cambridge economist and monetary expert, who scooped up the bulk of the alchemical writings chiefly to save them.
"The problem is that for Germans, the last prices in Deutsche marks are frozen in the heads of people, and they compare the euro prices now with those," said Ansgar Belke, research director at the German Institute for Economic Research and a member of the monetary expert panel of the European Parliament.
Monetary expert Seth Lipsky pithily points out in the New York Post, "When criminals use guns, the Democrats want to take guns from law-abiding citizens.
Monetary expert David Malpass has correctly emphasized that the end result of this perverse exercise has been not only a shortage of bonds but also a lack of credit for small and new businesses.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com