Where There Is a Way, Is there a Will?

Not too long ago George Melloan asked on the Opinion pages of the Wall street asked a troubling question:

"Federal Reserve Chairman Ben Bernanke assured readers of this page (“The Fed’s Exit Strategy,” July 21) that he has the tools to prevent the huge reserves he’s pumped into the banks from generating an inflation that would abort an economic recovery.

"But does the Fed have the guts to use those tools?"