FX.co ★ Bernanke to write book

Stepping down from the position of the Fed’s chair of the board of governors, Ben Bernanke is opening a new chapter in his life. He decided to write a book about his experience of managing the Federal Reserve. The book will cover most important events taking place in the U.S. economy since 2002. He plans to combine the work on the book with his work as a fellow at the Brookings Institution. "I want people to understand what we knew, when we knew it, how we made decisions and how we dealt with the enormous economic uncertainty," Bernanke said. The memoir will be focused on the 2008 financial crisis and the Great Recession. It was the time when the Fed took an unprecedented step and launched the quantitative easing program. There was $85 billion daily intervention in the U.S. stock market. The decision caused a lot of controversy and discontent. Thus, liberals said these measures were insufficient to overcome unemployment, while conservatives feared a sharp jump in inflation. The Texas Governor Rick Perry even called Bernanke a traitor. However, time will tell on that. And quite soon Bernanke’s opponents and supporters will have another reason for discussion. The new book on the struggle with recession will disclose the motives and objective reasons for such a decision. It will not be the first book of the former Federal Reserve chairman. He delivered the lecture series about the Federal Reserve and the financial crisis and published his Essays on the Great Depression. There were no reports yet on how much Bernanke will be paid for his edition but publishers paid his predecessor Alan Greenspan more than $8 million for his memoir.