Bernanke is Time's Man of the Year: Pacquiao in list of 'people who mattered'!
NEW YORK (AP) – US Federal Reserve Chairman Ben Bernanke has been named Time Magazine’s “Person of the Year” for 2009.
Bernanke, 56, heads the most important and least understood force shaping the American – and global –economy.
In the same magazine issue, Filipino boxing champion Manny Pacquiao was included in the list of “people who mattered” in 2009, being listed behind US President Barack Obama and ahead of Republican vice presidential candidate Sarah Palin. Those green bills featuring dead Presidents are labeled federal reserve note for a reason: the Fed controls the money supply. It is an independent government agency that conducts monetary policy, which means it sets short-term interest rates — which means it has immense influence over inflation, unemployment, the strength of the dollar and the strength of your wallet, Time said.
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