Edward M Gramlich: The importance of raising national saving Speech by Mr Edward M Gramlich, Member of the Board of Governors of the US Federal Reserve System, at the Benjamin Rush Lecture, Dickinson College, Pennsylvania, 2 March 2005. *  *  *  An old saw has it that central bankers are paid to worry.
They are supposed to look past any superficial good news and try to discern longer-run problems - perhaps inflation heating up, perhaps something else. For a central banker, every silver lining has a cloud. The present time provides a good illustration. We are just completing the forecasting season, at which time various economists make their projections.