I would like to know if Bank of Israel Governor Stanley Fischer is the Israeli version of Alan Greenspan, chairman of the US Federal Reserve Board. After all, this serious crisis has taken place on his watch. Fischer could have taken corrective action. A central bank, at least to some extent, can counterbalance profligate borrowings by shrinking the money supply and pushing interest rates up. Had he done so, Fischer would have heard howls aplenty, but he could not have been fired, so why didn't he assert himself more forcefully. I fear that all the praise that Fischer has received will be like the praise that Greenspan received until it became clear that his approach to the crisis had been totally inadequate and was certainly misguided.
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