Monday, July 1, 2013
Unhappy Prospects for Future Fed Chairman
President Obama's recent remarks that Ben Bernanke has spent more time at the FED than he wanted has prompted much speculation about who might be his successor. The folks at Money Morning, have developed a short list of likely candidates, none of them very good. They include Timothy Geithner, Lawrence Summers, Janet Yellen, Christina Romer, and Roger Ferguson. Ferguson I know very little about, but the rest are all Keynesian-style inflationists of one stripe or another. Janet Yellen, who many see as the favorite to win the appointment, is Bernanke-like in her affection for inflation. All of this serves as further evidence that our political elites either do not understand or do not care about sound money and that we should have no confidence that our current set of politicians will be able to make necessary reforms to our current monetary system, back-stopped by the FED. Put not your faith in princes.