“CONTINUITY.” That’s what Alan Greenspan’s nominated successor is promising the president and the financial markets. But be careful before concluding that Ben Bernanke is simply Greenspan Mark 2. He isn’t. My dictionary defines “continuity” as a “logical sequence,” not quite the same thing as slavish adherence to the policies of his predecessor.

More important, Bernanke carved out some wiggle room for himself when he said, “Our understanding of the best practice in monetary policy evolved during Alan Greenspan’s tenure at the Fed, and it will continue to evolve in future.” So we are to get policies that will “evolve” in a “logical sequence” from those the new central banker will inherit when he takes the Fed chair on February 1 of next year.