GV writes to observe that the USA is about to experiment with an economic application of Hultgreen-Curie Syndrome:
I was listing to the radio when I heard the news that Janet Yellen would be named the next fed chair. I went online to confirm this story and found this news story by NBC News.
It appears you were right about what you wrote in your blog post on 9/16/2013 entitled The job no one wants. You wrote that you assumed it would be Janet Yellen. It’s funny how the link to the NBC news story talks about her being the first women to head the central bank and some of her accomplishment but it leaves out the quote you put at the end of that blog post were she said the following;
“For my own part I did not see and did not appreciate what the risks were with securitization, the credit ratings agencies, the shadow banking system, the S.I.V.’s — I didn’t see any of that coming until it happened.”
– Janet Yellen, 2010With someone like that in charge what could possibly go wrong.
Christine Lagarde at the IMF and Janet Yellen at the Fed. This should be an interesting test of whether putting women in charge will make it all better. I wouldn’t mind being wrong, for all of our sakes, but I’m not terribly sanguine about the probabilities here.
Ambrose Evans-Pritchard summarizes: “So there we have it. The next chairman of the Fed is going to track the labour participation rate. Money will stay loose.”