Bernanke and Draghi Deserve The Nobel Prize For Avoiding Another Meltdown

As Bernanke put it this week, the central banks can control the availability of credit in the financial system as a stimulus to pushing on moderate economic growth. Without the easy money, the rate of growth would decline. So, with fiscal policy restricted in terms of a massive stimulus to economic activity, it has fallen on the Fed and the ECB and the BOE and the PBOC to protect the global economy against a return to deflation, recession and widespread austerity. So far, its working in the American stock market and the price level of some key commodities.

http://www.forbes.com/sites/robertlenzner/2012/03/03/bernanke-and-draghi-deserve-the-nobel-prize/