Fed Chairman Bernanke: US Risks Massive Unemployment

Addressing the 6th ECB (European Central Bank) Central Banking Conference on Thursday evening in Frankfurt, Ben Bernanke, Chairman of the US Federal Reserve Board, defended the Fed’s latest actions to try to boost growth, offering a blunt argument that the steps were needed to keep the US economy growing and, by extension, to keep the global recovery on track. Bernanke argued that the action was essential to reduce joblessness and maintain a strong dollar over the long run. On its current economic trajectory, the United States runs the risk of seeing millions of workers unemployed or underemployed for years, Bernanke told the audience. As a society, we should find that outcome unacceptable, he added.