Ben Bernanke, President Bush’s nominee to succeed Alan Greenspan as chairman of the Fed, is the John Roberts of monetary policy. He is intelligent, erudite, apolitical, pleasant, and prepared. Credentialed at the best schools and immersed in the theory and practice of monetary policy for the last several decades, Bernanke, says supply-sider Arthur Laffer, is “the right person at the right time.” It’s true President Bush could have done far worse. But I worry. You see, Bernanke is worried about gaps. He’s worried about trade gaps — he thinks the U.S. trade gap is caused by a global savings glut. And he worries about something called the output gap — a variant of the Phillips Curve, which supposes a trade-off Read More ›