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Prospective Federal Reserve nominee Herman Cain promised to pursue a stable dollar if confirmed to a central bank board that he thinks is too dominated by academics.
In an op-ed for The Wall Street Journal, the former presidential candidate, Kansas City Fed board president and Godfather’s Pizza CEO cited what he called the “professor standard” that has caused the Fed to pursue rate hikes despite clear signs of deflationary pressures in the economy.
“The Fed still operates on the ‘professor standard,’ enshrined with Bill Clinton’s nominations of pure…
Source cnbc.com
