Now that we are saying good-bye to another monetarist at the Fed in the form of Ben Bernanke, let's take a look at the record of employment during the period of Ben Bernanke's tenure as Fed Chairman:
This FRED graph starts at March 2006 which was when the last monetarist left and Bernanke took over and goes until present.
Let's call it even after almost 8 years Ben.
Not one job net created under the Bernanke tenure; even though for looks like the last 80% of his tenure, his Fed was maintaining a ZERO interest rate policy.
I post this chart not to chastise Ben Bernanke for not fomenting an increase in employment, but rather to point out the complete LACK of efficacy of so-called "monetary policy" to increase employment in any rationally perceived way.
Monetarism is a dangerous and false dogma that most in the world are caught up in.
