Share on Google Plus Share on Twitter Share on Facebook 1 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 1 (2 Shares)  
Printer Friendly Page Save As Favorite View Favorites View Stats   13 comments

Why You Should Not Be Enthusiastic About Janet Yellen as Fed Chairman

Quicklink submitted By   Follow Me on Twitter     Message Rob Kall     Permalink
Related Topic(s): ; ; , Add Tags

Must Read 2   Valuable 2   News 1  
View Ratings | Rate It

opednews.com Headlined to H2 9/18/13

Become a Fan
  (299 fans)
Image from a quicklink While it's a relief to have Larry Summers out of the running for the Fed chairmanship, it's also important not to labor under any delusions about Janet Yellen, the nominee presumptive. Larry Summers set a very low bar to beat.

The modern Fed has become a citadel for orthodox-thinking, meaning entirely mainstream economists. And even though the global financial crisis revealed mainstream economics to be intellectually bankrupt and worse, affirmatively destructive, it has lost no hold over policy. It's hard to imagine that a keen empiricist and original thinker like Marriner Eccles, the Fed chairman from 1934 to 1948, would have a snowball's chance in hell of being appointed to any important position at the present-day Fed.

Obama embraces and will continue to perpetuate the conservatism of our central bank. He reappointed Bernanke, who has continued the policies of the Greenspan Fed

Read the rest of the story HERE:

At www.nakedcapitalism.com

- Advertisement -
- Advertisement -