Meet the New Boss, Same As the Old Boss (Part II)
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DIRECTING the Disorder the CFR Is the Deep State Powerhouse Undoing and Remaking Our World
DEEP STATE DIRECTING THE Disorder The CFR is the Deep State powerhouse undoing and remaking our world. 2 by William F. Jasper The nationalist vs. globalist conflict is not merely an he whole world has gone insane ideological struggle between shadowy, unidentifiable and the lunatics are in charge of T the asylum. At least it looks that forces; it is a struggle with organized globalists who have way to any rational person surveying the very real, identifiable, powerful organizations and networks escalating revolutions that have engulfed the planet in the year 2020. The revolu- operating incessantly to undermine and subvert our tions to which we refer are the COVID- constitutional Republic and our Christian-style civilization. 19 revolution and the Black Lives Matter revolution, which, combined, are wreak- ing unprecedented havoc and destruction — political, social, economic, moral, and spiritual — worldwide. As we will show, these two seemingly unrelated upheavals are very closely tied together, and are but the latest and most profound manifesta- tions of a global revolutionary transfor- mation that has been under way for many years. Both of these revolutions are being stoked and orchestrated by elitist forces that intend to unmake the United States of America and extinguish liberty as we know it everywhere. In his famous “Lectures on the French Revolution,” delivered at Cambridge University between 1895 and 1899, the distinguished British historian and states- man John Emerich Dalberg, more com- monly known as Lord Acton, noted: “The appalling thing in the French Revolution is not the tumult, but the design. Through all the fire and smoke we perceive the evidence of calculating organization. -
Former Fed Chiefs Weigh In
JULY 17 2020 Former Fed chiefs weigh in Ben Bernanke and Janet Yellen have hardly been quiet since they left their positions as heads of the Federal Reserve. Whether in media, articles or, recently, as part of a group of 150 economists who wrote a letter to Congress, the two have remained public figures. It has been some time since they testified before lawmakers, however. Appearing twice a year to committees in both the House and the Senate was part of the job back then; Friday marked the first required appearances for each since they left their posts. Paige Wilhelm Given Yellen and Bernanke’s support for Jerome Powell, the current Fed Senior Vice President Senior Portfolio Manager chair, it is no surprise they praised the Fed’s actions so far in the crisis or Federated Investment Counseling that they echoed his call for Congress to provide more fiscal support to the economy. The overarching message for lawmakers was do not worry about the deficit at this time—the economy needs assistance now. One thing is certain, the Fed is not worried about its own balance sheet. This week it revealed that figure now stands at more than $7 trillion. Interestingly, the special purpose vehicles it created in the height of the crisis in March are hardly being used now. These include the Primary Dealer Credit Facility and the Money Market Liquidity Facility. This is a good sign, as it means the liquidity markets are functioning well on their own. But the greater economy probably will require Congress’s assistance to do the same. -
Janet Yellen's Legacy at the Federal Reserve
Journal of Finance and Bank Management December 2019, Vol. 7, No. 2, pp. 82-87 ISSN: 2333-6064 (Print), 2333-6072 (Online) Copyright © The Author(s). All Rights Reserved. Published by American Research Institute for Policy Development DOI: 10.15640/jfbm.v7n2a6 URL: https://doi.org/10.15640/jfbm.v7n2a6 Janet Yellen’s Legacy at the Federal Reserve Alexander G. Kondeas1 Abstract This paper examines the empirical results of the monetary policies followed by the Federal Reserve during the period of 2010-2018, when Janet Yellen served first as vice chair (2010-2014) and subsequently as chair (2014-2018) of the Federal Reserve Board of Governors. As the Central Bank of the United States, the Federal Reserve System (FED) is entrusted with conducting the monetary policy in a way that fulfills the Congressional dual mandate of price stability and full employment. Janet Yellen generally adhered to a dovish view of monetary policy, one that favors looser monetary control and lower interest rates in order to stimulate economic growth. At first glance, the dual mandate was satisfied during her eight years of progressively higher leadership roles at the FED. The economic recovery from the Great Recession (2007- 2008) continued, inflation remained tamed, and the rate of unemployment fell to its lowest level since 1970. Yet a closer look at consumer spending and private fixed investment indicate a sharp decline in the years following the Great Recession and until the end of Yellen’s term at the FED. It is difficult therefore, to argue that the loose monetary policies of her years in office had much of a stimulating effect on the household sector or the business sector. -
Is the Fed Too Active?
OPINION BY KARTIK ATHREYA Is the Fed Too Active? ome observers have recently voiced concern that Fed So the goal of redressing at least some aspects of activities in the areas of climate change and inequal- economic inequality has long been a Fed concern. Indeed, Sity may put the institution at risk. In a forthcoming the Richmond Fed strives to understand the full range of Duke Law Journal article, for instance, Christina Parajon economic outcomes of Fifth District residents, including Skinner of the University of Pennsylvania’s Wharton School inequities, and among them, those that occur along racial argues that the Fed must avoid the temptation to engage in lines. To fail here would hinder our ability to fulfill our “central bank activism” by pushing its powers beyond the mandate under the CRA and to provide better informa- text and purpose of its legal mandate to address “imme- tion via the Beige Book and other means to guide mone - diate public policy problems” such as climate change tary policy. As Richmond Fed President Tom Barkin and economic inequality. She cautions, “Activism under- has pointed out, “The regional Fed banks are charged mines the legitimacy of central bank authority, with understanding the dynamics within our erodes its political independence, and ultimately “We should districts. In pursuit of that goal, we have been renders a weaker central bank.” In a recent Wall investing in research that addresses these Street Journal op-ed, Michael Belongia of the always strive to issues and the racial inequities that result.” University of Mississippi and Peter Ireland of understand forces Lately, the connection between mone- Boston College voiced similar concerns about Fed that plausibly tary policy and economic inclusion has drawn activities in the area of income inequality. -
Reforming the International Financial Architecture, 2011 Edition1
Reforming the International Financial Architecture, 2011 Edition1 Barry Eichengreen May 2011 If U.S. President Clinton’s treasury secretary Robert Rubin is responsible for coining the phrase “international financial architecture” in a speech at the Brookings Institution in 1998, I deserve some of the blame for popularizing it.2 I used it in the title of my 1999 book, Toward a New International Financial Architecture, published by the Peterson Institute.3 I say blame because the term architecture conveys a rather misleading sense of the nature of the process. Mirriam-Webster’s on-line dictionary defines architecture as “a unifying or coherent form or structure” (as in “this novel displays an admirable architecture”).4 In other words, the term implies a unity and coherence that financial markets, institutions and policies do not possess. Alternatively, Mirriam-Webster defines “architecture” as “a formation or construction resulting from or as if from a conscious act.” But many of our international arrangements have, in fact, evolved as unintended consequences of past actions rather than as the result of anyone’s conscious act, “as if” or otherwise. The post-Bretton Woods exchange rate system, starting in the 1970s and extending through the present day, was more the product of the inability of policy makers to agree on the form that the exchange rate system should take than the result of any conscious decision. Consider current efforts to strengthen the international financial architecture. Do they reflect conscious action and are they likely to deliver the unity and coherence connoted by the label? Conscious action there certainly is, but it is decentralized and imperfectly coordinated. -
Fed Chair Power Rating
Just How Powerful is the Fed Chair Fed Chair Power Rating Name: Date: Directions: Sports fans often assign a “power rating” to teams and players to measure their strength. In today’s activity, we will research some of the most recent chairs of the Federal Reserve and assign them “power ratings” to express how truly influential they have been in the United States economy. In this activity, we will judge each person’s prerequisites, ability to play defense and offense. Chair (circle one): Janet Yellen Ben Bernanke Alan Greenspan Paul Volcker 1. Prerequisites will be measured by academic background, research, and previous career qualifications. 2. Offensive acumen will be evaluated using the chair’s major accomplishments while in office and whether he/she was successful in accomplishing the goals for which he/she was originally selected. 3. Defensive strength will be determined by the chair’s ability to overcome obstacles, both in the economy and political pressures, while holding the chairmanship. 4. The chair in question may receive 1-4 points for each category. The rubric for awarding points is as follows: 1 - extremely weak 2 - relatively weak 3 - relatively strong 4 - extremely strong 5. BONUS! Your group may award up to 2 bonus points for other significant accomplishments not listed in the first three categories. You may also choose to subtract up to 2 points for major blunders or problems that emerged as a result of the chair’s policies. 6. This is a group activity, so remember that you and your team members must come to a consensus! Prerequisites Offensive Acumen Defensive Strength Other Details Power 1 2 3 4 1 2 3 4 1 2 3 4 -2 -1 0 +1 +2 Rating Overall Power Rating is __________________________________ 1 Just How Powerful is the Fed Chair Fed Chair Power Rating Strengths Weaknesses Overall Impression Janet Yellen Ben Bernanke Alan Greenspan Paul Volcker 2 . -
August 5, 2021 the Honorable Janet Yellen Secretary of the Treasury
August 5, 2021 The Honorable Janet Yellen The Honorable Katherine Tai Secretary of the Treasury United States Trade Representative 1500 Pennsylvania Avenue, NW 600 17th Street NW Washington, DC, 20220 Washington, DC 20508 Dear Secretary Yellen and Ambassador Tai: On behalf of the undersigned organizations, we write to express our support for continued engagement with China on trade and economic issues, including full implementation of the U.S.-China Phase One Trade Agreement (“Phase One”), and swift action to address the costly and burdensome tariffs and retaliatory tariffs. We support the Biden Administration holding China accountable to its Phase One commitments, and we strongly urge the Administration to work with the Chinese government to increase purchases of U.S. goods through the remainder of 2021 and implement all structural commitments of the Agreement before its two-year anniversary on February 15, 2022. The Chinese government has met important benchmarks and commitments made in the agreement that benefit American businesses, farmers, ranchers, and workers. For example, the commitment by China to open up its markets to U.S. financial institutions – and other U.S. financial service providers – reflects a hard-won U.S. achievement, and years of work by administrations of both parties. The chapter 3 commitments have been good for American agriculture, addressing most long-standing market access barriers. China has removed market access barriers for some U.S. fruits and grains and for nearly all U.S. beef products, as well as expanded its list of U.S. facilities eligible to export beef, pork, poultry, seafood, dairy, feed additives, and infant formula to China, among other actions. -
Who Should Be the Next Fed Chairman?
A SYMPOSIUM OF VIEWS THE MAGAZINE OF INTERNATIONAL ECONOMIC POLICY 888 16th Street, N.W. Suite 740 Washington, D.C. 20006 Phone: 202-861-0791 Fax: 202-861-0790 www.international-economy.com [email protected] Who Should Over the next several years, commentators will speculate Be the on the identity of the next Chairman of the Federal Reserve Board of Governors once Alan Greenspan’s Next Fed tenure ends in 2006. Instead of speculation centered on who is likely to be next, per- haps the initial question should relate to who should Chairman? assume the post many describe today as “central banker to the world”? 44 THE INTERNATIONAL ECONOMY FALL 2004 TIE ASKED DOZENS OF EXPERTS Among those mentioned as possible replacements:* Bob Rubin Martin Feldstein Larry Summers Ben Bernanke William McDonough Joseph Stiglitz Lawrence B. Lindsey Robert McTeer Janet Yellen Glen Hubbard David Malpass Robert Barro Ian Macfarlane Bill Gross *Note: Selections made prior to November 2 U.S. presidential election. FALL 2004 THE INTERNATIONAL ECONOMY 45 BARNEY FRANK Member, U.S. House of Representatives, and senior GEORGE SOROS Democrat on the Financial Chairman, Soros Fund Services Committee Management f John Kerry is elected President, I will urge strongly Bob Rubin is by far the most qualified. the appointment of Nobel Prize winner Joseph Stiglitz Ito chair the Fed. That position has become the single most influential office affecting national economic pol- icy, and Stiglitz’s commitment to and understanding of the importance of combining economic growth with a concern for economic fairness are sorely needed. Given the increasing role that globalization plays, his interna- tional experience is also a great asset. -
Transcript of Chair Powell's Press Conference -- January 29, 2020
January 29, 2020 Chair Powell’s Press Conference FINAL Transcript of Chair Powell’s Press Conference January 29, 2020 CHAIR POWELL. Good afternoon, everyone. Thanks for being here. At today’s meeting, my colleagues and I decided to leave our policy rate unchanged. As always, we base our decisions on our judgment of how best to achieve the goals Congress has given us: maximum employment and price stability. We believe monetary policy is well positioned to serve the American people by supporting continued economic growth, a strong job market, and a return of inflation to our symmetric 2 percent goal. The expansion is in its 11th year, the longest on record. Growth in household spending moderated toward the end of last year, but with a healthy job market, rising incomes, and upbeat consumer confidence, the fundamentals supporting household spending are solid. In contrast, business investment and exports remain weak, and manufacturing output has declined over the past year. Sluggish growth abroad and trade developments have been weighing on activity in these sectors. However, some of the uncertainties around trade have diminished recently, and there are some signs that global growth may be stabilizing after declining since mid-2018. Nonetheless, uncertainties about the outlook remain, including those posed by the new coronavirus. Overall, with monetary and financial conditions supportive, we expect moderate economic growth to continue. The unemployment rate has been near half-century lows for well more than a year, and the pace of job gains remains solid. Participation in the labor force by people in their prime working years, ages 25 to 54, is at its highest level in more than a decade. -
The Transformation of Economic Analysis at the Federal Reserve During the 1960S
The Transformation of Economic Analysis at the Federal Reserve during the 1960s by Juan Acosta and Beatrice Cherrier CHOPE Working Paper No. 2019-04 January 2019 The transformation of economic analysis at the Federal Reserve during the 1960s Juan Acosta (Université de Lille) and Beatrice Cherrier (CNRS-THEMA, University of Cergy Pontoise) November 2018 Abstract: In this paper, we build on data on Fed officials, oral history repositories, and hitherto under-researched archival sources to unpack the torturous path toward crafting an institutional and intellectual space for postwar economic analysis within the Federal Reserve. We show that growing attention to new macroeconomic research was a reaction to both mounting external criticisms against the Fed’s decision- making process and a process internal to the discipline whereby institutionalism was displaced by neoclassical theory and econometrics. We argue that the rise of the number of PhD economists working at the Fed is a symptom rather than a cause of this transformation. Key to our story are a handful of economists from the Board of Governors’ Division of Research and Statistics (DRS) who paradoxically did not always held a PhD but envisioned their role as going beyond mere data accumulation and got involved in large-scale macroeconometric model building. We conclude that the divide between PhD and non-PhD economists may not be fully relevant to understand both the shift in the type of economics practiced at the Fed and the uses of this knowledge in the decision making-process. Equally important was the rift between different styles of economic analysis. 1 I. -
What Have We Learned Since October 1979? by Alan S. Blinder Princeton
What Have We Learned since October 1979? by Alan S. Blinder Princeton University CEPS Working Paper No. 105 April 2005 “What Have We Learned since October 1979?” by Alan S. Blinder Princeton University∗ My good friend Ben Bernanke is always a hard act to follow. When I drafted these remarks, I was concerned that Ben would take all the best points and cover them extremely well, leaving only some crumbs for Ben McCallum and me to pick up. But his decision to concentrate on one issue—central bank credibility—leaves me plenty to talk about. Because Ben was so young in 1979, I’d like to begin by emphasizing that Paul Volcker re-taught the world something it seemed to have forgotten at the time: that tight monetary policy can bring inflation down at substantial, but not devastating, cost. It seems strange to harbor contrary thoughts today, but back then many people believed that 10% inflation was so deeply ingrained in the U.S. economy that we might to doomed to, say, 6-10% inflation for a very long time. For example, Otto Eckstein (1981, pp. 3-4) wrote in a well-known 1981 book that “To bring the core inflation rate down significantly through fiscal and monetary policies alone would require a prolonged deep recession bordering on depression, with the average unemployment rate held above 10%.” More concretely, he estimated that it would require 10 point-years of unemployment to bring the core inflation rate down a single percentage point,1 which is about five times more than called for by the “Brookings rule of thumb.”2 In the event, the Volcker disinflation followed the Brookings rule of thumb rather well. -
Regime Change Q2 2018 COMMENTARY
Chief Market Strategist, Dr. Quincy Krosby Prudential Financial Regime Change Q2 2018 COMMENTARY The second quarter— Highlights which statistically • Federal Reserve chairman Jerome Powell takes the helm is not the most • A brief history of recent regime changes at the Federal Reserve • The market enters a period of crosscurrents hospitable in terms of returns—should enjoy Q2 OPENING BELL solid growth here The term “regime change” is currently trending in the headlines, from “More expect Venezuela will collapse and have regime change within 12 months” to “Pushing back against Iran: Is it time and abroad; solid, if for regime change?” As we enter the second quarter of 2018, however, the term is increasingly not stellar, earnings; used to describe a subtle but equally important shift in economic policy. Monetary policy stands out as a significant economic catalyst, and with the departure of Federal Reserve Chair Janet the fiscal stimulus Yellen, we’ve seen headlines blare: “How to survive the regime change in markets.” beginning to filter into Referring to February’s market correction, triggered by fears that inflation was beginning to assert itself, the Financial Times succinctly stated: “Whether correction turns into regime the real economy; and change is down to the Fed.” But do members of the Federal Open Market Committee (FOMC) a Federal Reserve of the Federal Reserve view their job as protectors of stock market performance, the way they seemingly did coming out of the financial crisis? that wants to maintain Newly installed Fed Chairman Jerome Powell, greeted on his first official day with a 4 percent the “middle ground” market sell-off, appeared upbeat about prospects for the economy.