Argentina Central Bank President Quits
After this week's Bernanke reconfirmation vote, which saw a record number of Senators vote against the Fed Chairman, the tenuous relationships between governments and central banks was put on exhibit once again, this time in Argentina, where as we previously reported, the confrontation between the Central Bank President Martin Redrado and president Kirchner had already reached a climax. Today Redrado finally quit, "saying the government has tried to
destroy the bank’s independence and that he has sought to follow
the law." Here is to hoping that Harry Reid's recent complete politicization of the Fed, in which he provided a Bernanke with a "votes-for-keeping my commercial real estate values high" deal, forces the Princeton economist to take the high road. We are not holding our breath.