More people with microphones and appropriate audiences need to start using moral language to describe Ben Bernanke's actions. He's not stupid, so there's only one other option, really. We know that the costs of relatively low (as in, sub-8%) inflation are trivial. We also know that a willing Fed has precisely zero problem killing inflation if it so desires. There is no need for "credibility" on this issue unless you have a government that's spent years running the printing presses to pay its bills. Bernanke sleeps well at night so he can get up every day and ensure that millions experience severe economic hardship.
