It’s Paul Volcker time for Ben Bernanke and Masaaki Shirakawa. The heads of the Federal Reserve and Bank of Japan are facing waves of hostility from politicians, perhaps of a virulence not seen since Volcker ran the Fed from 1979 to 1987. Bernanke is getting beaten up for doing too much; his third round of quantitative easing enraged Republicans. Shirakawa is a human pinata for doing too little.
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