Fixing the World
Bloomberg reports on the upcoming central banker pow-wow:
Federal Reserve Chairman Ben S. Bernanke and fellow central bankers gathering in Jackson Hole, Wyoming, are showing scant signs of reprising the coordinated stance they took fighting the worst financial crisis since the Great Depression as they deal with its aftermath.
....Bernanke, 55, and other policy makers, who meet on Aug. 20-22, are already staking out differing positions as they gain traction in their battle against a crisis that has cost financial companies worldwide about $1.6 trillion in writedowns and losses.....“What you would hope to happen is much better coordination internationally,” [Mohamed] El-Erian said. “What’s likely to happen, however, is that national interests are going to dominate.”
Well, so much for Ben Bernanke being greeted as a conquering hero. Either that or else conquering hero-hood just isn't what it used to be.