This is CBS Eye on the World.

Here's John Batchelor.

Welcoming Joseph Sternberg, member of the editorial board of the Wall Street Journal.

He's in London.

He writes political economics.

And Joe's taking us down memory lane back to the future.

The year 2006, Congress's in session were all in trouble.

But the chairman of the Federal Reserve at the time was a man named Ben Bernanke,

helicopter Ben, throw cash out the door if there's trouble.

Well, there was trouble ahead.

However, quite apart from what nobody could see at the time

was the Great Recession beginning 2009,

although the panic started before that,

Congress authorized following Joe's reporting,

the Central Bank, Ben Bernanke, to pay interest on reserve

balances as of 2011, that little fact turns out to be a whopper of an amount of money

and what is to be done.

Joe, a very good evening to you.

What is the interest on reserve balances as of 2011?

What is the reserve balance of the Federal Reserve, and why did Ben Bernanke-Voshe safe that decision?

Because what's ahead is strange days.

Good evening to you.

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