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“Janet Yellen is the minimum-controversy, status quo choice most likely to leave the Fed on autopilot as it pursues its course of fiat currency destruction. It’s a testament to the nature of our times that both leftists and Wall Street prefer not to have a Fed chief dedicated first and foremost to preserving the value of the dollar,” points out Bill Frezza, a technology and entrepreneurship fellow at the Competitive Enterprise Institute.

“This implies that the devastating impact of QE money printing and Zero Interest Rate Policy on savers, investors and pension funds will continue until the inevitable double-digit inflation becomes so severe even the Bureau of Economic Analysis can’t hide it with its massaged figures,” Mr. Frezza adds. “Putting off the day of reckoning is always the first choice of our dysfunctional political system, which will only make the eventual crisis even worse.”

POLL DU JOUR

47 percent of Americans say that it is “absolutely essential” that the federal debt limit be raised to avoid economic crisis.

39 percent say the nation can go past the deadline without major economic problems.

43 percent of Americans say that to lower the federal debt, two-thirds of the money should come from spending cuts, and one-third from tax increases.

31 percent would like half to come from spending cuts, half from tax increases.

35 percent fear that reducing the deficit would cut too much from Medicare and Social Security.

25 percent are concerned it would raise their taxes.

17 percent are concerned that a deficit agreement will not meet its target.

14 percent are concerned it will allow for too much federal spending.

Source: A National Journal survey of 1,000 U.S. adults conducted Oct. 3 to 6.

Uneasy commentary, snappy quips to jharper@washingtontimes.com.