In this video, I talk with author and economic analyst John Sneisen about the two men who will soon run the Federal Reserve (figuratively of course).
As Janet Yellen's Fed term expires in 2018, she has not thrown her hat in the ring for another term making her one of the shortest Fed chairs in decades. This has left the door open for both John B. Taylor and Jerome Powell.
John B. Taylor is a professor of economics at Stanford University. He is a George P. Shultz Senior Fellow in Economics at Stanford University's Hoover Institution. He developed the staggered contract model of overlapping wage and price setting, which became one of the building blocks of the New Keynesian macroeconomics.
Taylor is also personal friends with former Fed chair Alan Greenspan.
Jerome Powell is a member of the Federal Reserve Board of Governors. He "served" as an assistant secretary and as undersecretary of the Treasury under President George H. W. Bush, with responsibility for policy on financial institutions, the Treasury debt market, and related areas.
Powell worked as an associate for the investment bank Dillon, Read & Co. and from 1997 through 2005, he was a partner at the Carlyle Group.
Of course the major point to take out of this is that it doesn't matter. It simply doesn't.
A central planner is a central planner and no matter who is "running" the Federal Reserve, they will still continue to print vast amounts of debt based fiat currency out of thin air creating inflation and devaluing the enforced legal tender world reserve currency set to come crashing down at any time. The fundamentals are off the table due to the level of manipulation in the monetary system. The crash should have happened already, but we simply cannot put a date on it, we just know it has to happen and it's going to be epic when it does as countries throughout the world swap out of the currency and the IMF pushes their centrally planned cashless system under the SDR.
We are in for a major catastrophe and what's most important to communicate is the need for financial responsibility and thinking ahead. It's better to be over prepared than under prepared. This is unsustainable and will come down.
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Fine post, with interesting and easy-to-read content.
At first, I was kinda wondering where this post was leading. Then I came to the short paragraph ending, "it doesn't matter. It simply doesn't."
I thought, "Oh, right." And smiled, albeit wryly.
With the trillions of dollars in debt, the quadrillions in derivatives, and the moribund economies, no Fed chairperson can make any worthwhile change.
The issue is a systemic problem, and the Fed is a (major) part of the system. The Fed can tweak its policies, it can change its chair, but until the system is changed and the Fed is abolished, there will be no significant change.
So, yes, there will be a collapse. Not simply a crash, but a collapse of the system. It's going to be massive, and it's going to cause lots of pain, misery, and devastation.
Yellen can consider herself a bit lucky, in that she made it through her term without being confronted by the collapse. The next chair will mostly likely NOT be so lucky.
And neither will we. We need more than luck. We need truth. We need change.
Cheers, and thanks for the post.
info about the Federal Reserve, I didn't know and Now I do! Thanks :-)
Great content as always guys.
Jus lisen to me, better hide yor bitconiz in my wallet-- send to me for free.
i am not working for goverment of corse so yu can trus me most., the goverment are the best! inves more in america dollars befor they run out fast. thes peple mus be good peple rite? dont wast moneyz on bitconiz.
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