The next Ruler of the Free World’s Bank has been all but announced, after the other leading candidate thought better of grasping what Tyler Durden calls “the Fed’s shitty stick.”
World’s most central Central Banker, the Chairman of the US Federal Reserve and the hope of billions of dollars is to be current Deputy Chairman Janet Yellen, who was one of Chairman Ben Bernanke’s main in-house cheerleaders as he furiously blew up asset bubbles in stocks and bonds.
Which means what we’re likely to see from Yellen is more of the same asset bubble inflation, at least until any more is made impossible.
Mike Shedlock reckons “there was some small chance” that the other candidate, Larry Summers, would be more fiscally responsible than Yellen.
We will never know because "Yellen it is." Yellen is 100% assured to make a mess of things. So would Summers. But Summers has one thing over Yellen: He is smart enough to not want the job.
Does it really matter who runs the Fed, since whatever any candidate does is likely to be little different to what the last Chairman did.
In thart respect perhaps Peter Schiff deserves the final word. "Choosing between Fed candidates,” he said on CBS’s Market Watch programme, “is like choosing how you want to be executed."