(Page 2 of 5)
2. Sir Mervyn King, Governor of the Bank of England
While the U.K might have avoided joining the single currency, it has been far from immune to Europe's crisis. In light of severely weakened trading partners and a recession in the UK, the Bank of England, with King at the helm, has engaged in a level of fiscal activism that would make Fed Chairman Ben Bernanke blush.
Although the British government has embarked on a so-called austerity program, the fact is that there has only been a decrease against projected spending while nominal spending continues to increase. It is only thanks to the inflation created by the Bank of England that Britain is enjoying modest real terms cuts of what will probably be between 3 to 4 percent over the next five years.
Memorable quote: "The creation of money by the Bank of England has helped offset what would otherwise have been an extremely damaging contraction of the money supply. In the Great Depression, the money supply in the United States fell by around one-third. In Greece, broad money has fallen by over 25% since the end of 2009. The consequences are self-evident."
Next: Giving central bankers a bad name.