Bernanke Saved the World From Another Great Depression, Ferguson Says

U.S. Federal Reserve Chairman Ben S. Bernanke saved the global economy from falling into a great depression by presiding over an historic increase in the size of the central bank’s balance sheet, said Harvard’s Niall Ferguson.

“He turned the Fed into the biggest hedge fund in history,” said Ferguson, an historian at Harvard University, in a speech delivered at a conference in Copenhagen hosted by the Skagen Fund. “He bought stuff that no central bank has ever bought before. He bought utter garbage and in doing so, I believe he saved us from a great depression.”...