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Obama To Nominate Former Bank Of Israel Head As Fed Vice Chairman Today
President Obama has just nominated Lael Brainard as a Fed Governor, Jerome Powell to his second term and most notably, Stanley Fischer (ex Head of the Bank of Israel) as Vice-Chairman of the Fed. "These three distinguished individuals have the proven experience, judgment and deep knowledge of the financial system to serve at the Federal Reserve during this important time for our economy,” Obama said in statement. Bear in mind that Fischer is skeptical of forward-guidance (as we note below) which is soon to become the Fed's main weapon to jawbone markets.
- Stanley Fischer's term as governor runs through 2020 (vice chair through 2018), Brainard's term through 2026 and Powell's through 2028!
Tenure anyone? We are sure they will still do a great job...
As we noted previously, Fischer brings some interesting views:
Q. How does Fischer broadly think about the economy?
Fischer is a highly respected academic macroeconomist. He is credited with helping to lay the foundations of New Keynesian macroeconomics, which sought to place traditional Keynesian theory on a stronger microeconomic foundation. Subscribing to this school of thought, we believe that Fischer's general view of the world is similar to that of Bernanke and Yellen, with a significant role for active fiscal and (more importantly) monetary policy. In fact, Fischer was Bernanke's dissertation adviser in graduate school, and Bernanke recently referred to him as a "role model and frequent adviser." As a result, we see little daylight between Fischer and the current core FOMC leadership with respect to their basic paradigm for thinking about the economy.
Q. How would his appointment affect the dynamics on the Committee?
Fisher is widely seen as a policy heavyweight, having not only run the Bank of Israel, but also served as the chief economist at the World Bank and First Deputy Managing Director (the number two position) at the IMF. Both his academic standing and policy experience suggest that Fischer's views will be very influential on the Committee.
Q. What are the key points from his tenure as head of the Bank of Israel?
Under his tenure, the Bank of Israel aggressively cut its policy rate from 4.25% to 0.5% in the wake of the financial crisis. Starting in February of 2009, the Bank of Israel joined the Fed in undertaking purchases of longer-dated securities, indicating a willingness to adopt unorthodox monetary policy measures. The stated intention was to "extend the effectiveness of monetary policy onto longer interest rate maturities." However, later in 2009 the Bank of Israel began hiking its policy rate, in advance of all major global central banks. We do not see this as necessarily indicating a "hawkish" policy bias on the part of Fischer, but rather a reaction to the fact that economic developments in Israel were substantially different from those prevailing in the G4 economies. The Bank of Israel did not adopt explicit calendar- or outcome-based forward guidance under his leadership.
Q. What are his views on balance sheet policy?
Fischer generally holds a favorable view on the effectiveness of balance sheet policy. As noted, the Bank of Israel began a program of longer-dated securities purchases under his watch. He also stated in a November speech at the IMF that one of the key lessons from the financial crisis, in his view, was that monetary policy is not impotent once the zero lower bound on short-term interest rates has been hit. He specifically highlighted the efficacy of the Fed's QE?which he said was supported by a substantial amount of academic work?and did not explicitly mention forward guidance on the path of short-term interest rates.
Q. What does he think about forward guidance?
In contrast to his statements on QE, he has recently expressed a more skeptical view of forward guidance. Specifically, he noted in September that "if you give too much forward guidance you do take away flexibility," that "we don’t know what we’ll be doing a year from now. It’s a mistake to try and get too precise," and that "you can’t expect the Fed to spell out what it’s going to do…because it doesn’t know." These statements contrast with Yellen's strong endorsement of forward guidance. In that sense, Fischer's statements do pose at least some risk to our expectation that the FOMC will ultimately enhance its forward guidance by reducing the unemployment threshold to 6.0%. That said, such a limited number of statements are unlikely to capture all of the nuances of Fischer's thinking on the topic. One can also argue that his criticisms apply mostly to calendar-based guidance and less to outcome-based guidance, which only requires the Fed to "spell out what it's going to do" in a more conditional sense. In any case, we have little doubt that Yellen and Fischer would see eye to eye on the need to prevent a large tightening of financial conditions anytime soon, so the slightly greater uncertainty that might result from his nomination is mainly about tactics, not strategy.
Q. What is the likelihood of confirmation?
If nominated, we think Fischer would very likely be confirmed. In the unlikely event that his confirmation faced substantial opposition from Republicans, the recent change to Senate rules requiring only a simple majority to break a filibuster on confirmation votes ensures that he could be confirmed with only Democratic votes.
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So true, what the real history revisionist are saying is that "anti-semites" and "jew-haters" where a small minority, the real truth is that they where the overwhelming majority and for very good reasons.
As the old saying goes "Know a Jew, Hate a Jew"
ihr.org learn the Truth
another joo banker what a surprise. /s
WTF! Followed by, Oh what's the point of outrage. Let the farce continue. - That's just about par for the course for every headline these days.
As a point of interest, one has to wonder whether the zionists who hide behind the decent jewish folks to commit the most heinous crimes everywhere they settle - mass murders, apartheid, ethnic cleansing, usuary, theft, state terror, etc quite openly - whether they have a collective death wish. I looked at Israel and have tried to justify, rationalise their behaviour for years, even cultivated friendships with rabid zionists to try to understand them, to "Grok" them, all to no avail. Their contempt for non-zionists, even other jewish people, extreme hate - ironically you have never met a nazi until you've heard a zionist, greed, exploitation of anyone perceived as weak, and their superiority complex that stem from a mixture of propaganda and innate inferiority at the heart of their religion which cast them as wandering slaves. All of these heady brew of ideas form an extreme group of exceptionalists who believe themselves to be immune from criticism, with a deep victim complex that is used to justify hatred and harm to others who have never done them wrong.
There are very few things I hate, since I believe hatred is a waste of energy that does me more harm than the subject of my hatred, but zionists disgust me to the core. At the heart of the organised criminals who pull the strings on corrupt politics, terrorism, money lending and the economy based on debt, it is impossible not to miss the zionists at work. They are neither hidden or vague, but protected by the law itself on equating any criticism at them as religious hatred, aka antisemitism, while at the same time you will see them regularly inciting the most vile and obscene slander against others.
There's a danger here of putting decent jewish folks in the same group with zionists, and I am not just saying it to try to get away with a rant at a religious group. They are at polar opposites if you care to look it up.
The Ratio between "decent jews" and zionists is about 10 to 1, .. I let you decide which is which
" .one has to wonder whether the zionists who hide behind the decent jewish...."
There's a danger here of putting decent jewish folks in the same group with zionists, and I "am not just saying it to try to get away with a rant at a religious group. They are at polar opposites if you care to look it up."
Perfectly Put YHC-FTSE Otherwise we fall back into a cliche in the US's past of "The only good injun is a dead injun" type mentality.
There are good people and bad acting people and some REALLY evil people and other ones that are near sainthood. But it has nothing to do with religion, or sex, or color or national origin.
Nice Post.
Oh, and I rate AIPAC up there with CFR, NSA the Build-a-burgers , et al as the most dangerous groups.
"They" ain't just joobankers, "They" are joolawyers, joodoctors, joomovieexecs, joomediamoguls, joomercantilists, etc. And they all seem to subscribe to gentiles=cattle meme, in my experience. So yeah, lumping a group is as lumping a group does.
For the last 27y, all Fed presidents were jew (2.2% of the us population)
does siting this fact makes me a jew hater ?
I sincerely respect the jewish population or any other population, extrapolating is just stupid, many are brilliant poeple and many are stupid like every other religion
the only 2 things i don't like is
-israel international policies
-lobbies that increase commuautarism
You cannot use religion in this case because the Jews will then say they were then wearing their race hat and not their religion hat. Look at the irony of someone claiming to be an atheist Jew. Is there such a thing as an atheist Christian?
The state of Israel demonstrates that race transcends religion.
for the last 27 years, there were only 2 fed presidents.
don't get the junks, 'tis a fair point. In and of itself.
It's important to avoid cherry-picking. That is, it's one thing to make a list. It's another thing to make a list which fairly represents the deduction made.
Hence listing "studio heads who are X" doesn't matter unless you list all {major} studio heads and provide some basis by which one can fairly judge, e.g. if X is over or under-represented.
I don't think you can look at federal agencies and who chairs them, and claim that Jewish people aren't wildly over-represented -particularly in the area of banking/finance/budget. This can be empirically verified. Even if you "control" it for say, Ivy League graduates {where Jews are around 20%} you have significant over-representation.
I don't argue any more than that - I just wonder why "diversity" only seems to apply to positions of little influence or power.
methinks i pushed some emotional hot buttons of the ZH user base with earlier postings above. ;-)
"These three distinguished individuals have the proven experience, judgment and deep knowledge of the financial system to serve at the Federal Reserve during this important time for our economy,” Obama said in statement.
Empty words.
It's a living nightmare. How did it come to this?
How can a tiny little racial group run the entire world's economy?
I'm not sure how accurate your observation is, but didn't their god promise them that when their state returns they will rule planet Earth for a 1000 years or something along those lines?
no, the nightmare is in your head.
and, assuming you have no mental illness, you can create your own dream.
there are quite a bit of people who could benefit from watching this...
i understand the junkers.
they just don't understand.
be thou at peace.
Those people who say there is no danger of an international government no longer have a defense. And how ridiculous, it now can be shown, to claim a president of the United States is elected by the people rather than selected by the international bankers - financed by Federal Reserve notes.
hello chaps justs seen the news very interesting it is 2.
can anyone help me with something i was speaking to niles standish today and he asked me if this fisher fella above was a jew?
i said niles that is anti cement tick he said no tony just a question.
for my own security and protection i reported niles to the tsa and homeland security
burp
It's a jew system, they devised it. As it goes off the cliff and gets dashed to bits on the jagged rocks below, it is only fitting that jews are in the driver's seat.
derp
A near fait accompli...massive U.S. soverign wealth transferred to the Luciferians whose employees now control most positions of governmental and financial power...and now a traitor running the U.S. central bank...what's next?
He's not a traitor. He's a good and loyal..............Israeli.
Okay that's it. I am going to read Mein Kampf this weekend.
Dude, I'm gonna start reading it RIGHT NOW!
Check into:
Gentiles Anonymous
Hello. My name is ____________________.
I am a Gentile.
The 12 Steps of Gentiles Anonymous
Just make sure you know how to spell and pronounce "gentile".
DonT do this:
Hello. My name is ___D_i_c_k____.
I am a Genital.
dear abbey,
you have a revolving door for central bankers in the west. goldman has u.s. bankers in the uk , italy, canada. this elite group of fuckers isn't all jewish, but many are.
i'm a jew and frankly i'm disgusted with the fact that most jews in new york don't see this as a problem. and of course there are those that are happy about it.
what can you do? if you're a jew who disapproves of this kind of shit----woe is you if you tell other jews, (secular or affiliated) , any, your opinion. they don't give a fuck in most cases. not all , but most.
there are plenty of also dumb ass liberal socialist communist people i meet in new york, plenty of whom are jewish. they might recognize the bankers are a problem but rely on statist solutions as their ideology of non-solutions.
in a world of complete corruption----what does an honest jew do? convert out of judaism? like jesus? does this make it all better?
sincerely ,
new york lawyer jew
I think the puppet masters are luciferians, and sheeple are sheeple. Just keep spreading the news: j.mp/1jHOtPF :By DEAN HENDERSON
(Part One of a Five-part series)
"The Four Horsemen of Banking (Bank of America, JP Morgan Chase, Citigroup and Wells Fargo) own the Four Horsemen of Oil (Exxon Mobil, Royal Dutch/Shell, BP and Chevron Texaco); in tandem with Deutsche Bank, BNP, Barclays and other European old money behemoths. But their monopoly over the global economy does not end at the edge of the oil patch.
According to company 10K filings to the SEC, the Four Horsemen of Banking are among the top ten stock holders of virtually every Fortune 500 corporation.[1]
So who then are the stockholders in these money center banks?
This information is guarded much more closely. My queries to bank regulatory agencies regarding stock ownership in the top 25 US bank holding companies were given Freedom of Information Act status, before being denied on “national security” grounds. This is rather ironic, since many of the bank’s stockholders reside in Europe."
At least no one should still be confused over which country Obammy really works for.
"Let the Goyim eat cake" - Stanley Fischer
Let the Goyim eat cake,
Enemy at the gate.
http://support.huji.ac.il/arcive/herzog-award-stanley-fischer/
An Israeli citizen has only one allegiance.
To an Israeli, even American Jews are suspect. Israel is not a democracy.
And I've never known an American Jew who was a rabid warmonger. They are much more likely to say that you look thin, and offer you some soup. Really good soup.
Cccccan't we all jjjjjjjust get along? We should strive to follow the example of a very tolerant country in the Middle East who has this to say about African immigrants to their country:
"If we don't stop their entry, the problem that currently stands at 60,000 could grow to 600,000, and that threatens our existence as a Jewish and democratic state," Binyamin Netanyahu said at Sunday's cabinet meeting. "This phenomenon is very grave and threatens the social fabric of society, our national security and our national identity." Israel's population is 7.8 million.
If he gets this upset about a mere .7% of his population, he'll really have a coronary when it reaches 2.5%!!
http://www.theguardian.com/world/2012/may/20/israel-netanyahu-african-im...