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Israel Central Bank Follows Fed With First Woman Chairman Appointment After Larry Summers' Rejection
Ten days ago, when we reported on the latest rumors surrounding the fiasco that the Israeli central bank governor selection process has become (nearly as farcical as the bungled choice of Yellen in the US), we joking wondered:
LAPID SAYS BANK OF ISRAEL GOVERNOR ANNOUNCEMENT SEEN NEXT WEEK. Summers?
— zerohedge (@zerohedge) October 10, 2013
Overnight, we once again learned that in the New Normal the thin line between reality and rhetorical absurdity is perhaps too thin, following a report in The Hill that, as we joking suggested, it was indeed Larry Summers who the Bank of Israel had turned to in its quest for governor. From The Hill:
Former Treasury Secretary Larry Summers, who was in the running to succeed Ben Bernanke as chairman of the Federal Reserve, reportedly turned down an offer to lead the Bank of Israel.
Israel’s Channel 2 reported on Friday that the former Harvard president was one of multiple non-Israelis approached by Prime Minister Benjamin Netanyahu to succeed Stanley Fischer, who left the post in June after a term that began in 2005.
As a reminder, the Bank of Israel governor selection process has become an even greater fiasco than the choice of Mr. Mrs. Yellen as head of the Fed, after it was none other than JPMorgan Chase International Chairman Jacob Frenkel who was slated to become the new governor when his candidacy went up in a puff of kosher smoke following the release of details involving Frenkel and a shoplifting scandal at a Hong Kong airport duty free store. Guess JPM doesn't pay that well after all.
But back to Larry Summers and the Bank of Israel, which moments ago announced that it has concluded its 112-day process in which it had gone without a central bank chief, and had appointed Karnit Flug as its new governor. In taking a page from the Fed's own selection process, Flug is also the first woman to be appointed as head of the Bank of Israel. From Reuters:
Israel on Sunday named Karnit Flug as the new governor of its central bank, the first woman to be appointed to the office, after a rocky selection process that dragged on for months.
Flug, 58, served as deputy to previous governor Stanley Fischer, who stepped down in June after eight years on the job, and has been the Bank of Israel's acting chief since he left.
Accepting the post, Flug said in a statement the central bank and Israel's economy faced significant challenges.
Announcement of Flug's appointment followed a meeting between Prime Minister Benjamin Netanyahu and Finance Minister Yair Lapid, who had been unable since Fischer resigned to fill the post.
Ironically, just as Yellen was nowhere near Obama's top choice for the new Fed chairman, Flug was not Prime Minister's Netanyahu primary choice.
Fischer had recommended Flug to replace him, but Netanyahu, officials said, had preferred candidates with a stronger international standing.
Netanyahu and Lapid initially chose Jacob Frenkel, central bank governor in the 1990s and currently chairman of JPMorgan Chase International, to succeed Fischer, but he pulled out following reports he had been arrested on suspicion of shoplifting at Hong Kong's airport in 2006. Frenkel denied any wrongdoing, and authorities in Hong Kong decided not to pursue the case.
A second candidate, Bank Hapoalim Chief Economist Leo Leiderman, also dropped his bid two days after his nomination, citing personal reasons.
Netanyahu and Lapid said in a statement: "We were impressed by Dr. Flug's performance over the past months as head of the Bank of Israel and we are confident she will continue to help us lead Israel's economy to further achievements in the face of the world economic upheaval."
Below is Flug's full background from the BOI website:
Dr. Karnit Flug has been the Deputy Governor of the Bank of Israel since July 2011. She was appointed as Deputy Governor by the Israeli Government, in accordance with the Bank of Israel Law, 5770-2010 and with the recommendation of the Governor of the Bank of Israel.
Dr. Flug completed her M.A (cum laude) at the Hebrew University in 1980 and her Ph.D. in Economics at Columbia University in 1985.
In 1984, Dr. Flug joined the IMF as an economist. In 1988, she returned to Israel and joined the Research Department of the Bank of Israel, where she worked and published papers on topics related to the labor market, balance of payments and macroeconomic policies.
In 1994-1996, while on leave from the BOI, Dr. Flug worked at the Inter-American Development Bank as a senior research economist. In 1997, upon return to the BOI she was appointed Assistant Director of the Research Department and in June 2001 she was appointed Director of the Research Department and a member of the BOI's senior management.
Dr. Flug has served on a number of public committees, including the committee on a multi-year defense budget (the "Brodet" committee); the committee aimed at ensuring the long term financial stability of the National Insurance Institute; the committee aimed at enhancing competition within the Israeli markets; the committee for social and economic change (the "Trajtenberg" committee), and several others.
Her response to learning that, just like Yellen, not quite top choice is still "good enough":
Dr. Karnit Flug thanks the Prime Minister and the Minister of Finance on her expected appointment as Governor of the Bank of Israel.
Dr. Flug adds that the Bank of Israel and the Israeli economy face significant challenges, and that she looks forward to working in full cooperation with the professional and dedicated staff of the Bank of Israel, as well as with government officials, in order to meet these challenges.
We too were shocked to find no mention of the phrase "Goldman Sachs" in the bio above. As for Larry Summers, we can only imagine to what depths of misogynistic hell his ego must have tumbled after women ended up overtaking him as heads of not one but the two central banks he was slated to head within a month.
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Dr Kermit Frog.
It's not so easy being green.
Thank goodness she's a real Doctor!
"slating" Larry is not a bad idea
Once you go Lar...you never go back
We all knew Larry was the most rotten egg in the nest, this should not even be a surpise to Larry.
Yay, yet another ivy league oligarch economist to rule the world ............. and one ring to bind them
Is she any relation to the famous time traveler, Marty McFlug?
Everybody knows you never go full Summers!
At least she looks like a women, in fact, I'd actually enjoy banging her.
Tylers quote of the year LOL: "We can only imagine to what depths of misogynistic hell Larry Summers' ego must have tumbled after women ended up overtaking him as heads of not one but the two central banks he was slated to head within a month."
Who else would be better to lead the slaughter of the muppets?
Haven't Fischer and Bernanke watched the movie "Lord Jim" or seen what happened to the skipper of Costa Concordia? The water is gushing into their central bank ships and the MIT boys bolt their stations.
Re. Flug (which in German means "flight") perhaps she is not one for staying at her station either.
The Fed and the BOI are quite clever in appointing a woman as it all falls apart. You wouldn't yell at a woman, would you?
Flug speed ahead!
Gold is Equity in the SDR IPO of the next Global Financial System
http://twoshortplanksunplugged.blogspot.com.au/2013/10/gold-is-equity-in-sdr-ipo.html
Darnit karnit where's the plug? well, flug it.
This is feallyvtelling, why are they putting women at ths helms of all the world's largest financial behemoths? India jas 4 wpmen in the wodld's top 50 most influential biz women, and all are heading big banks in india. Yellen, the imf atrocity....seems fishy to me.
Plus, summers flip flop twlls us eeally all we need to know about the incestuous central banking system amd the odd delationship between the us ans israel...typos due phone keypad. :-)
http://aadivaahan.wordpress.com/2013/10/16/of-boxes-and-taut-strings/
thumbs up but I did feel like I was listening to a drunk reading your post :)
Ahhh....djd not realize it was that bad!!!! Thanks for reading it through :-)
Have you noticed that when a corporation has to make a public apology they usually get a woman to do it?
or when the FDI or the CRA describef the un-sub thry roll out thr femald with thr mand voice.
short circut uset fr subterfuge.
Women have much more practice with apologizing and do it well. How can a man stay angry with a woman when she apologizes prettily, maybe weeps a bit, invoking your protective instincts while stroking your ego with some judicious admiration?
I'll bet she is an arab. Cough. You see Israel is a meritocracy and with 20 percent of the population it only makes sense that an arab would rise to the top job. Cough. Just like 2 percent of the US population are Jews and yet have been head of the fed the last three times. Meritocracy, NOT A JEWISH CRIME SYNDICATE LIKE THE MOB> COUGH.. You know how only Italians could be MADE> COUGH.
Ok. Cough...
Yould you hire a FUCKING guy that lost a BILLION frn's for Harvard... GMAB
Ole Lar turned it down because unlike being the Fed Head, he'd have a boss
IOW, although he minds having someone on top of him, she does not.
Who wants to be the one? Bueller? Anyone, anyone?
As if male CB heads weren't crazy enough
Like all women drivers they will crash
"As for Larry Summers, we can only imagine to what depths of misogynistic hell his ego must have tumbled after women ended up overtaking him as heads of not one but the two central banks he was slated to head within a month."
This just in from him:
"Following a soul-searching conversation with Ron Paul, I now realize (though I haven't found my soul yet) that the Federal Reserve, and central banking as a whole, must indeed be swept into the dustbin of history. Who better than women, then — all of whom could shop 24/7 and never come close to spending what the Big Swinging Dicks in Congress (including the cross-dressers Pelosi, Feinstein, and Boxer) spend — to do the sweeping and thereby take the hit for what I and my fellow world-savers — http://img.timeinc.net/time/magazine/archive/covers/1999/1101990 215_400.jpg — had no fucking clue about, one of whom having bravely martyred himself to remove whatever remaining doubt there could possibly be:
http://www.bloomberg.com/news/2013-10-17/greenspan-s-map-is-clueless-tri...
Get the Flug outta here.
Hey, a woman can scam you as good as any man.
Better. They have vaginas.
Ever heard of the "No deposit, no return" rule?
I'd imagine that she does. While Larry might know something about "injecting liquidity" into the System, she probably knows more what to do with it afterwards. I'm talking about the VoM, of course. What did you think I was talking about?
And naturally the VoM involves money (currency, actually) circulating in the economy, to keep the fiat Ponzi 'inflated'. IOW, she knows moar than Larry to get people to "shop till they drop".
She knows how to convert "injected liquidity" into... "growth". ;-)
Doesn't really matter whose fat finger hits the cntl-p
i think that is cuntrl+p now...
Karnit Flug is a great name for a bagman.
The names of some of these people... lol
Probably a lezbo.
"Opposition head MK Shelly Yechimovich [said the] appointment helps Israel’s image as 'enlightened and equal'"
http://www.israelnationalnews.com/News/News.aspx/173010
I'm sure that the Palestinians are celebrating in Gaza, no?
Women make excellent fall guys, you've come a long way baby.
edit: Karnit Flug? Jack Lew, Janet Yellen...Barrack Hussein Obama, all these names feel like made up make believe names to me.
Has Goldman Sachs put out the word to alums on distancing the GS connection to Central Banks? The women have been set up. If they start appointing non GS alum minorities, then the time is close. You can still run things from behind the scenes without being in the spot light and can lay the blame elsewhere.
Dont tell me, lemme guess: another Joooo?
Yup, another blue-eyed Semite...LOL!
Imagine Summer's distress had the two broads been shiksas.
No, not semite.. few jews are, especially not the ones in charge.
I know that...so that makes me an anti-what?
anti-ashkenazi? anti-banker? anti-criminal?
Sure, why not.
Its not like a woman can be just as corrupt, as evil, as stupid as any man...its not like the Janet Napolitano's, Di-Fi's. Pelosi's etc. of the world can be found under just any old rock.
You have to look under those "special" rocks ;-)
A lot of evil men throughout history had wives. My wife her senses would be on high alert if I was being so much as an immature hooligan, she'd definately try to stop me if I was being abusive, corrupt, violent etc and wouldn't stand for it. Women are as sick as men and as good as men.
Mine refuses to let me kidnap a sex slave.
Bummer.
Without whom, I'd likely be sitting beside a fire in a cave somewhere chewing on a raw hunk of meat.
lol...so I guess women invented the BBQ grill and men just perfected it?
Don't sell yourself short, that hunk of meat came from somewhere ;-)
That scenario becomes more appealing every new day.
The ovulation put?
FLUG YOU.
Upheaval? According to CNBS everything is great.
/sarc
Oh thank you so much for the update about israel I just cannot go too long without wondering how our wonderful allies, and masterful masters are doing. Again thank you.
Women of the world take over
'Cause if you don't the world will come to an end
And it won't take long
http://www.youtube.com/watch?v=folETlLz3FM
FUCKING /SARC GOD DAMM IT!! /SARRRRCCCC!!!
Lol,
How rich.
Dem wimmins dat suck at math must be ketchin up.
"Dere takin yer jerbs."
I have a really big wimmins servicing unit and I know how to use it and I'm not fugly so I'm not worried about you. Plus I'm single. WooHoo!
The usa fed IS the Bank of Israel.
The Rothschild Bank is the World Bank, we have many branches for governements' convenience.
fixed it fer ye
The bank of Israel is 1/8 of the FR, but they terrorize their partners they encouraged to inbreed much more than you would accept. The LDS is the controlled opposition. Mel got it right. My advice is to enjoy yourself as much as you can while you can, and stack as much as you can while you can. Join the Preppers. There is a prepper movement, so if you see any media dildo insinuating themselves into the prepper culture, humiliate them in a large way. Your way or theirs.
Hell hath no fury like a woman with a printing press.
"As for Larry Summers, we can only imagine to what depths of misogynistic hell his ego must have tumbled after women ended up overtaking him as heads of not one but the two central banks he was slated to head within a month."
uh, he turned the jobs down. so like is that the same "misogynistic hell" as being beaten out for a job one wants?
guess he has something bigger in mind....pres summers?
:)
I guess you could call her a Flughead now.
Oh, I thought Summers was an American?
Oh wait..
LOL. Sorta like Lloyd Blankfein could be replaced by anyone, either gender, in India who has a spreadsheet.
Do they pay the ladies less for the job?
Go womyn!
See, womyn can also serve as important errand boys (girls) sent by grocery clerks, in an organized crime syndicate!
Whee!
What next, a goyim central banker?
For everybody who is waiting for Hillary to save us - ladies can easely run whole countries into the ground as well:
Argentina: 'Queen Cristina' facing the end of her reign
http://sufiy.blogspot.co.uk/2013/10/argentina-queen-cristina-facing-end-of.html#
It doesn't matter who you place into appointment. A dog, cat or monkey could serve on a similar scale.
You are about to learn one of the biggest secrets in the history of the world...
anyone hello.
a simple question.
is she jewish
yes or no ?
the question is does she change the swiss bank account codes.
large sums from the racket monies and the swag from the helmand heroin operations.
big numbers that is for sure.
Is her name Yellen?
Job no longer pays men's wages. Men can discern what is coming and how much the job is worth.
There's something to that for sure. Besides, Summers is the kind of guy who hands people bags, not the other way around.
The Eve of the Bagholders is probably not too far off.
Karnit the Flug or Kermit the Frog--makes no difference. They all take orders from their Rothschild paymasters.
Hey, it aint easy ruling the world!
She looks like she once was able to take a happy photo of herself.
Interesting, but is she the third Jevvish Central Banker in a row in that country?
Do you have to be Jewish to get that job?
I kinda like the thesis that women are being brought in to take the fall. I guess Larry didn't turn out to be a total dumb cunt and accept that role (too bad). The better thesis, in my humble opinion, is that the smart folks are lining up for the IMF job.
While there may be a collapse I believe that the script has changed based on not going to war (yet?) in Syria. We the people were actually awake enough to block it. This has lead to kicking the can down the road until the next opportunity.
People forget, the Fed wants to loan the U.S. as much money as it can. A problem arises when the 'full faith and credit' concept has eroded past a critical point -- and it looks like we are there. As a result, the cycle of resetting the con-game may need a reboot.
China is in the club this time around and the ante is gold. Say what you want about Italy but they're in too. Look at gold reserves and which banks are buying to see who'll be at the table. I don't think our bluff will be called so we're still in it, just not the big stack.
'We the people' waking up poses a big problem but maybe the awakening ironically calls for change from within? If this is the case then it reinforces the 'fall guy' (haha -- remember your rule of opposites) theory as the green light has been given to print the dollsr right over the cliff.
Food-for-thought: none of this really clicked, as I am an optimist, try to see the good and do believe in this place, until I heard Obama utter the words, "we're not a Banana Republic". regrettably we may have found ourselves on the IMF's most trusted business plan -- capitalize it, securitize it, trade it, physically remove the thing of value, then print it off the cliff.
Our politicians have all been bought off, the fascist dictator has chosen who makes money, OUR gold is being shipped out, and now it's easy to feed the greed beast and let the savages party like it's 1999, until...
...it becomes clear to all that we need to recapitalize it again. As Soros said in his interview, "we are readying the facilities for SDRs and believe that the rates will be attractive" (paraphrased).
I don't like landing on 'goldbug' as it pays no interest and is therefore an unproductive asset however taking profits in the 'blow off top' means wealth to be stored.
The Fed loans will never stand up in court. There was no consideration so the loan is not valid.
The Fed loans WILL stand up in court because the Fed pays and owns the judges.
LOL. Of course this will only prove him right.
Now all we need is a President Hildabeast and all will be right for the world, the Matriarchy will rule again as perhaps they did in neolithic times. And perhaps we see the real future for Obamacare as well, only it will be Hillarycare and it will consist of chicken soup and chocolate chip cookies for all.
http://www.timesofisrael.com/as-cocaines-popularity-rises-israels-signif...
The laundering involving certain renewable energy concerns tie in to this. Summers is invested in the racket and Morocco is the gateway.
Woooooheeee! Ladies get out the credit cards. We are shopping for that beautiful, illusive aggregate demand. Shop til you drop!
It all started when Summers was the President of Harvard an finally had kids of his own. He was thus in a position to exert just a little independent thought based on his own observations. He therefore made the accurate but very politically incorrect obervation - to the uber politically correct faculty at Harvard! - that boys and girls really are different. He merely mentioned how he had learned that they are not the same, and don't merely seem different because of how they were raised. Needless to say, his days were numbered after that. He was shunned and eventually expelled.
This is an example of how we live in a system that either corrupts or expels honest and independent minded men of principle - and we here at ZeroHedge all know the reason why.
WOW
FUCKING BULLSHIT
Is it just me, or does anyone else see the facial similarity between her and Jack Nicholson's "Joker"...?