What Europe and Japan Really Need Now Is Ben Bernanke

NEW YORK (TheStreet) -- I'm not sure how much spare time Ben Bernanke currently has. But the European Central Bank and the Bank of Japan really need him now.

Like or loathe the range of stimulus policies he enacted, during his time as Chairman of the Federal Reserve one clear impact is that the U.S. economy is now in a much better place than the economies of Europe or Japan.

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Take today's disclosures. In Japan, household consumption fell for a fourth successive month since the country's national sales tax was lifted from 5% to 8% in April. Meanwhile, retail sales and industrial production data were also below forecasts, while inflation measures stalled as well.

In the eurozone, inflation measures fell to a five-year low and unemployment was stable -- at a mere 11.5%. That's not good. In the UK, supposedly the strongest European economy, the leading food retailer Tesco (TSCDY) issued a fourth profit warning, citing difficult trading conditions.

That's why both economic areas need Bernanke.

Central bankers in both Europe and Japan have their heads in the sand at the moment. Eventually they will realize that any success Bernanke had was from not being scared to repeat quantitative easing and related policies experiment. Mario Draghi of the ECB cut the deposit rate to zero. In Japan, Shinzo Abe is running his "three arrows" experiment.

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