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« on: January 29, 2006, 05:40:45 PM »

Bernanke to take over Fed with uncertain road ahead  

     
   
                 
   
    Sunday, January 29, 2006 11:04 a.m. ET
  By Tim Ahmann
   WASHINGTON (Reuters) - White House economic adviser Ben  Bernanke will almost certainly win Senate approval on Tuesday  to become the 14th chairman of the U.S. Federal Reserve. Beyond  that, the road gets hazy.
        More Stories About...

 Bernanke, head of the White House Council of Economic  Advisers, will take control of the U.S. central bank in a  period of crucial choices for monetary policy and heightened  economic uncertainty.
           
    That uncertainty grew on Friday with a government report  that showed U.S. economic growth slowed sharply to a 1.1  percent annual rate in the fourth quarter of last year, the  slimmest gain in three years.
   Under the experienced hand of Alan Greenspan, who has  served as Fed chief since August 1987, the central bank has  lifted benchmark overnight interest rates to 4.25 percent in 13  quarter-point steps since June 2004 to head off inflation.
   Fed officials meet again on Tuesday, Greenspan's last day  in office, and a 14th small rate hike appears assured.
   Some economists said the slower growth at the end of last  year will ensure Tuesday's increase will be the last in the  series. Others, however, think the economy will bounce back  sharply in the current quarter and call for further action.
   When the Fed started its credit-tightening campaign 19  months ago, the overnight rate stood at a 1958 low of 1  percent. With rates now at a more-normal level, Bernanke will  face the delicate task of deciding when enough is enough.
   "A year and a half ago it was pretty obvious how to  forecast the path of the funds rate," said long-time Bernanke  associate Mark Gertler, chairman of the economics department at  New York University. "Now, I think what happens is really going  to depend on the new data that comes in."
   YES, MR. SENATOR
   The outlook many forecasters and Fed officials offer is  bright, with economic growth slowing just enough to keep  inflation pressures at bay.
   But plenty of economists are less optimistic.
   Some think a bursting bubble in the U.S. housing market  will brake the economy sharply and lead the Fed to cut rates by  the end of the year. Others think the expansion has a head of  momentum that only higher borrowing costs can cool.
   "The first challenge he has to face ... is where is this  economy going right now," said Martin Baily of the Institute  for International Economics. Baily said unfortunately the risks  to growth appear on the downside, while inflation risks might  be tilted up.
   So far Fed officials have had an important ally in their  efforts to keep inflation contained -- the big strides U.S.  businesses have made toward greater efficiency.
   "As long as productivity growth maintains its recent  pattern, then I think he'll be in a nice position to maintain  price stability and robust growth," Gertler said.
   Bernanke will get a chance to offer his views on where the  economy is heading shortly after he takes office. He goes  before a House panel on February 15 to deliver the central  bank's semi-annual monetary report.
   The hearing may present yet another challenge.
   "When Mr. Greenspan leaves and Mr. Bernanke arrives in  February, there are going to be a heck of a lot of congressmen  arguing that it's time for the Fed to stop raising interest  rates," said Kevin Hassett, a scholar at the conservative  American Enterprise Institute, at a recent forum.
   "We're going to see a show unlike any we've ever seen for  two decades," he said, arguing Bernanke lacked the "body armor"  of credibility Greenspan had earned over the years.
   Bernanke will also be facing what some economists see as  economically destabilizing imbalances.
   In addition to a potential bubble in the housing market,  some economists believe burgeoning U.S. budget and trade  deficits have led to a dangerous reliance on foreign capital.
   These analysts warn that a loss of appetite for dollar  assets among overseas investors could lead to a spike in  long-term U.S. interest rates and a collapsing currency.
   "If we started to get crises ... the question would be, 'Is  Bernanke able to handle it?'," Baily said.
   Baily said Bernanke had the knowledge to handle a crisis,  but lacked one important asset Greenspan -- who faced the 1987  stock market crash just months after taking on his new job --  had earned over time: The confidence of financial markets.
   "He may do all the right things, but things might still go  badly."
    Copyright ? 2006 Reuters Limited. This story and its comments expire 30 days after original publication date.

 

 Guess what the full name is: Ben Shalom Bernanke. Surprise surprise!
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Norman Lowell
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« Reply #1 on: January 29, 2006, 05:53:03 PM »

Every single one of the 14 chairmen:
of the U.S. Federal Reserve:
has been a Rodent!
 
That is how America is controlled:
that is where the power lies:
the control of money.
 
That is what killed Kennedy.
He wanted to scrap the Fed:
and issue currency direct from the Treasury.
 
Imperium
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Boycott The Times and The Sunday Times.
Do not post there, do not buy a copy of either, do not advertise.
Hurt Them in the only way they understand.

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naggar
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« Reply #2 on: July 16, 2006, 02:14:39 AM »

US 'could be going bankrupt'
 
The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.
 
A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.
 
Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.
 
According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''...
 
cont : http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/07/14/cnusa14.xml&menuId=242&sSheet=/money/2006/07/14/ixcity.html
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« Reply #3 on: November 08, 2017, 09:10:28 AM »

https://www.timesofmalta.com/articles/view/20171102/world/trump-nominates-jerome-powell-to-head-us-federal-reserve.662059


Thursday, November 2, 2017, 21:09 by Reuters

Trump nominates Jerome Powell to head US Federal Reserve

President Donald Trump on Thursday tapped Federal Reserve Governor Jerome Powell to become head of the US central bank, promoting a soft-spoken centrist to replace Janet Yellen when her term expires in February.
Powell, a Fed governor since 2012, emerged as Trump's choice from a slate of possible nominees that included Yellen as well as others who would have represented a sharp change in monetary policy.

---------------


This is History.
This is the first Governor of the Fed, since its inception, who is not a Rodent in Human Form.
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00511
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Boycott The Times and The Sunday Times.
Do not post there, do not buy a copy of either, do not advertise.
Hurt Them in the only way they understand.

BOYCOTT THE TIMES
 Imperium 1107

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