Inflation: Attacking Public Enemy No.1

Federal Reserve Chairman Bill Miller, a take-charge Texan, fights to keep prices in check without starting a recession

Central bankers are by tradition an aloof bunch, awed into solemnity by their own eminence as arbiters of a nation's money supply and guardians of the value of its currency. They immerse themselves in financial esoterica, dress somberly in three-piece blue suits, and give the impression that they speak only to one another and to God. When they do appear in public, they issue Delphian warnings, usually of impending inflationary doom. An optimistic central banker has been defined as "one who thinks the situation is...

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