Under current law, on January 1, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases.

The central bank needs to be able to make policy without short term political concerns.

The crisis and recession have led to very low interest rates, it is true, but these events have also destroyed jobs, hamstrung economic growth and led to sharp declines in the values of many homes and businesses.

In fact, the world needs more nerds.

Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.

It's true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.

I don't fully understand movements in the gold price.