In a shocking development, one which comes out of central planning left field, after eight years in his role as safe-guarder of the Shekel, the head of the Bank of Israel Stanley Fischer - Ben Bernanke's personal mentor, and famous underwater investor in AAPL - has announced his intention to step down. This resignation comes 10 months (and $100 less in AAPL) after the central bank's announcement to begin buying foreign stocks. Is this a harbinger of the change in the old brigade, and does it make Bernanke's departure one year from today virtually assured - we hope to find out, unless, of course, the most aggressive and ambitious central banking experiment in history to keep the global house of cards afloat fails in the meantime.
Via The Bank of Israel,
The Governor of the Bank of Israel, Stanley Fischer, today informed the Prime Minister, Mr. Benjamin Netanyahu, of his intention to step down on June 30, 2013, after more than eight years as Governor.
The Governor noted that in addition to the goal of advancing the Israeli economy, one of his primary goals he had set himself was passing a new Bank of Israel law. That was done in May 2010. Since then, the Bank has operated successfully within the framework of the new law, especially through the work with the Monetary Committee and the Supervisory Council.
The Governor said that in the coming months he will continue to deal fully with all matters pertaining to the Bank.
Prof . Fischer added that he is extremely grateful for the opportunity he has been granted by the Government of Israel to fulfill the task of Governor, especially during a challenging period that included the global economic crisis, a complex geo-political reality, and domestic social issues.
The Governor thanks the Prime Minister, the Minister of Finance, the Chairman of the Finance Committee of the Knesset, the Members of the Monetary Policy Committee, the Supervisory Council and the management and staff of the Bank of Israel for the privilege of working with them during his term as Governor.
The Governor will hold a press conference tomorrow, Wednesday, January 30th, at 11:00 AM, at the Bank of Israel.