Marv Gandall wrote: > As is typically the case, it's a political question at bottom more than an > organizational or technical one. We could probably live with the Fed, the ECB > and the other central banks as presently constituted - provided it was we who > did the appointing. If that were the case, Paul Krugman would immediately go > to head of the line to be the next Fed chairman rather than Larry Summers or > Tim Geithner. Better yet if we could put J. Devine, Michael P., J. Huato, > Doug H. or any of our other list members with the necessary expertise in > charge of Fed operations. Then you would truly see a radical change in > direction, even with the Fed's current structure and staff.
> Of course, this all depends on the balance of forces in society. So even a > Keynesian like Krugman who wants more fiscal and monetary stimulus is out of > step with the Republican and Democratic party leaders who answer to the Wall > Street consensus for monetary tightening and sharp cuts in fiscal spending. > Needless to say, replacing the current Fed governors and regional presidents > with eminent members of the Pen-L list would require a social revolution.< Marv, what monetary policy would the Pen-L Team (or the pen-l Tee) implement? -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
