Bernanke's argument is slightly simplistic and of course slightly self serving since he doesn't want any powers taken away from him as they were the Bank of England. But he is essentially right. When Brown claimed that the recession we are still in unlike the rest of the major economies came from America he tended to conveniently forget his role in undermining our regulatory system and allowing the banks to run amok. Now, as the latest terrifying figures this week revealed, our economy is in danger of bankruptcy thanks to the stupidity of those banks and the regulators who allowed them to lend such vast sums without proper capital cover. Brown and his chum Ed Balls (the man who would be Chancellor) are directly responsible for our dire situation.