The Next Fed Chairman?

Thu, Sep 19, 2013 - 12:59am
In light of the absorbing Federal Reserve developments of today, let us stay on that theme: who will be the next Federal Reserve chairman
Lawrence H. Summers, Nope. He withdrew from consideration. Despite the Fed chairman not being a political position, it seems the Senate Democrats pressured Summers to withdraw his nomination, fearing that the Senate would never vote to confirm Summers as chairman. So, it was political. But was this the real reason? Not a chance. Summers got the back of the limousine conversation. The one where a limo pulls up, Summers gets in. A scary looking guy tells Summers to withdraw from consideration as Fed Chief. Summers says he wants the position and will not withdraw his name. The scary guy pulls out a photo of JFK and tells Summers: "Look at the picture of the last guy who said no." The limo pulls over, Summers gets out, pukes, and promptly resigns. That's why.
Timothy Geithner, a life long public servant, an insiders-insider, will it be him? Nope. Despite his perfect credentials, central banker, 75th secretary of the treasury, previous president of the Federal Reserve Bank of New York, why NOT him? Umm, because he looks like Beavis? Or is it because he is subject to withering criticism of the past TARP bailouts, or is concerned that the deficit is too high? Neither. He used up his time in office to good effect, and he has no more use to the elite. He also is almost certainly aware that this Fed Chair gets to preside over the western bankster collapse, and wants no part of that historical problem or baggage. He may be counted on by the banksters to do the right thing, but Tiny Tim has a way of screwing things up. Remember the USA downgrade: "No chance of that" is what he said. Oops, seems Geithner forgot his lines. That’s why. 
What about Janet Yellen, She is perfect. In every sense of the word. Harvard assistant professor (so she is smart). Professor of economics at Berzerkely, so she is a perfectly fine Keynesian economist, who probably completes Krugman’s sentences from time to time. She’s been with the Fed since 1994, and is the current Vice Chairwoman of the Fed. Sheesh, wikipedia has even updated its page on her, naming her as frontrunning contender for the Fed Chair as of YESTERDAY! She is a woman, too, duly emphasized by the New York Times, making her, according to the New York times, “historical” in the event she is appointed to the post. I wonder if the New York Times would consider convicted felon Bernie Madoff an “historical” selection for Fed Chief because he would be the first convicted felon to hold the post? Oh well, political correctness aside, Janet Yellen is absolutely perfect, from a political, Keynesian point of view, and that is exactly and precisely why Janet Yellen will not be the next Fed Chair.
William C. Dudley, will be the next Fed Chair. You heard it here first. He will not be the next Fed Chair because he is more qualified, or looks like a bankster, or happens to hold a PhD from Bezerkely. No. He will not be the next Fed Chair because he is the president of the Federal Reserve Bank of New York, or Vice Chairman of the FOMC. Nope. 
Dudley will be the next Fed Chair because he is a former Goldman Sachs bankster. It is as simple as that.
The elite western banksters need Dudley in position to forestall erosion of power from the western banking elite to the east for as long as possible, and then, when collapse is imminent, the western elite need Dudley to help usher in the new currency. That’s why.
While Yellen gets the press, Dudley is choosing office decor.
You heard it here first. Prepare accordingly.
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About the Author


Sep 19, 2013 - 1:12am



Sep 19, 2013 - 1:29am

Silver medal - a few other thoughts

Whooo hooo! silver medal!

CL - I really appreciate your observations and comments.

If I were a betting man, which I am not, I'd still be putting my $1 on Yellen to Win.

Although if this were an attempt to pick win, place or show; my window bet would cover on Yellen, Dudley, & Fisher.

I'm not sure that either Dudley or Fisher will get through the US Senate confirmation process. There are sufficient numbers of women in the US Senate to make trouble for the President/White House. Elizabeth Warren is kibbitz'ing with the other female senators. They're backing Yellen because they "want to break the glass ceiling". From what I can tell, Sen. Warren doesn't seem to be really influenced by Gold(tungsten)man Sachs(saccharin...false sugar) needing to retain some bail-out (ahem..bail-in) protection racket.

The White House will not want a bruising confirmation fight. They will want to send up a name that can be used politically as a "groundbreaking" and "historic example" of how this President leads. (just saying what the vernacular in the White House Press Room will be). Dudley doesn't give the White House the upper hand on the political process.

If I understand this White House, they will delay the nomination process until the nominee can be played politically to benefit the President over the Congress.

Sep 19, 2013 - 1:33am

I really like the guests threads

I like Turds threads, but I like the diversity of having many smart contributors.

Nice thread CL

written while watching dad in his ICU room at the local hospital.

Sep 19, 2013 - 1:37am


My fav number

Dam missed it by that much!

Here is a question are we lucky 2 days in a row?

oh please gold gods with silver on it!

bullion only
Sep 19, 2013 - 1:38am

After a day like today who in

After a day like today who in their right mind would want the job?

Who would want to be left holding the bag after Bernanke?

No wonder Sommers headed for the hills. He knew today's no taper event sealed the fate of the economy. Geitner knew before everyone and jumped ship.

for us the term golden parachute has new meaning. This plane is about to go down in flames. Maybe not in slow motion this time.


Spartacus Rex
Sep 19, 2013 - 2:38am


So, C.L. are you possibly willing to eat a tall yellow foam hat if Yellen actually gets the nomination? BTW, Where is that "concise reply" / "bulletproof rebuttal"? FYI, it has been over one month.

Bongo Jim
Sep 19, 2013 - 2:58am

No, it will be....

Mickey Mouse. He's so cute, no one will be mad at him when this all goes up in flames.

Sep 19, 2013 - 4:40am

hot dogs for all - -

Mickey knows how to use the flames - -

Sep 19, 2013 - 5:08am

Dudley schmudley

Well I don't have any insight as to who will next command the sinking Titanic, but having just stepped off the plane in Sydney, there is great optimism and no sign of any impending financial crisis here!!

Massive infrastructure projects announced by our new Government to be, property booming and plentiful gold and silver at bullion dealers.

No sign of the Zombie apocalypse here in the Great Southern Land!

Sep 19, 2013 - 5:25am

zombie apocalypse - -

Great southern land - - Sydney isn't in New Zealand (the spiritual home of pavlova and America's cup winner's) but at least your new leader has seen through the man made global warming tax scam.

Sep 19, 2013 - 6:16am
Sep 19, 2013 - 6:54am

Zombie Apocalypse

I often joke to my better half that as long as I can have my coffee and a hot shower, I could battle the "walking dead"!

What goes up, must go down! The real estate market has been growing more than steady for 25 years, to where the median price of an outhouse shack in Sydney is 10 times the median house price.

When we stumble, or the US stock market collapses, or China consumption of our resources reduces, or the property market collapses, we are so screwed.

At some time within the next 3 years, we are going to have a religious experience here, and it may then be time to head to the wee Southern Land where the sheep abound!

Sep 19, 2013 - 6:54am

Zombie Apocalypse

I often joke to my better half that as long as I can have my coffee and a hot shower, I could battle the "walking dead"!

What goes up, must go down! The real estate market has been growing more than steady for 25 years, to where the median price of an outhouse shack in Sydney is 10 times the median house price.

When we stumble, or the US stock market collapses, or China consumption of our resources reduces, or the property market collapses, we are so screwed.

At some time within the next 3 years, we are going to have a religious experience here, and it may then be time to head to the wee Southern Land where the sheep abound!

Urban Roman
Sep 19, 2013 - 7:07am

I'm still gonna have to go

I'm still gonna have to go with Bill Ayers. .. In keeping with the tradition of 'least qualified'. 

Sep 19, 2013 - 7:30am

Next Chair of The F'ed?

I am going with Rich Uncle Pennybags:

He has been around since 1906, and rumor has it, attended the Jekyll Island meetings where he stressed the importance of paper money being available in a pleasing array of colors. He is a logical choice because he has a huge inventory of already printed cash in the event of another liquidity crisis. He also possesses a Get out of Jail free Card.

Also on his resume, writing the bank rules for the game of Monopoly, which include, and I quote:

"Besides the Bank's money, the Bank holds the Title Deeds, and the houses and hotels prior to purchase by the players. The Bank pays salaries and bonuses. It sells and auctions properties and hands out the proper Title Deed cards when purchased by a player, it also sells houses and hotels to the players and loans money when required on mortgages.
The Bank collects all taxes, fines, loans and interest, and the price of all properties which it sells and auctions. The Bank "never goes broke." If the Bank runs out of money, the Banker may issue as much as needed by writing on any ordinary paper."

There is no doubt in my mind that Rich Uncle Pennybags is the next Fed Chair.

Sep 19, 2013 - 8:11am

2 women involved in biggest gold haul at Indian airport

PTI | Sep 19, 2013, 04.27 PM IST KOCHI: In the biggest gold haul at an Indian airport, 20 gold bars valued at Rs 5.8 crore were seized early on Thursday from two women passengers from Dubai. On the basis of specific information, a team of officers of the Customs Preventive unit effected the seizure, a customs release said. The women, hailing from Thrissur and Kozhikode, had arrived here early on Thursday by an Emirates flight. They had departed from Kochi to Dubai six days ago. The bars, weighing 20kg, were found concealed in specially stitched jackets with pouches worn by the burqa-clad women. The extent of customs duty sought to be evaded worked out to Rs 60 lakh, the release said. The seizure is the largest in the recent history of gold smuggling cases detected in the country, the release said. Prior to this seizure, a total quantity of 23kg of gold bars worth about Rs six crore had been seized by customs in the last few months.

Sep 19, 2013 - 8:17am

Sorry to go off topic CL...

... but this issue is near and dear to my heart. Please watch:

Video unavailable
Sep 19, 2013 - 8:30am

Federal Reserve Chairmen

Thanks CA.

A Comparison of Five Federal Reserve Chairmen: Was Greenspan the Best?

This paper examines the performances of the past five Federal Reserve chairmen using optimal control techniques and a macro-econometric model. Each chairman is evaluated in two ways.

The first way is comparing the actual performance of the economy under his term relative to what the performance would have been had he behaved optimally. Comparing chairmen only on the basis of the actual performance of the economy is not appropriate because it does not control for different exogenous-variable values and shocks that the Fed has no control over. This comparison is done for a wide range of loss functions. It does not assume that the chairman necessarily behaved by minimizing a loss function; it just compares his actual behavior to what he could have done had he minimized a particular loss function.

The second way, on the other hand, assumes that each chairman minimized a loss function, and it chooses for each chairman which of the various loss functions tried comes closest to matching the actual values of the control variable to the optimal values. A summary evaluation of each chairman is presented in Section 6.


The Panic of 1907

The Panic of 1907 After the demise of the second bank, state-chartered and uncharted

After the demise of the second bank, state-chartered and uncharted "free banks" took root. These banks issued their own notes, redeemable in gold or silver. Though the National Banking Act, passed in 1863, tried to provide a measure of currency stability, bank runs and financial panics remained common into the early 20th century. A bout of speculation on Wall Street that bottomed out in 1907, above, triggered a banking panic that led to calls to reform the banking system.


The following is a list of past and present Chairmen of the Board of Governors of the Federal Reserve System. There have been a total of 14 Chairmen of the Federal Reserve,[5] who are appointed by the President of the United States.


# Chairman[6][7] Term President(s)[8]
1 Charles Hamlin-headshot.jpg Charles S. Hamlin August 10, 1914 –
August 19, 1916
Woodrow Wilson
2 William P.G. Harding-headshot.jpg William P. G. Harding August 10, 1916 –
August 9, 1922
Warren G. Harding
3 Daniel R. Crissinger cropped.jpg Daniel R. Crissinger May 1, 1923 –
September 15, 1927
Calvin Coolidge
4 Roy A. Young 2.jpg Roy A. Young October 4, 1927 –
August 31, 1930
Herbert Hoover
5 EugeneMeyer.jpg Eugene Meyer September 16, 1930 –
May 10, 1933
Franklin D. Roosevelt
6 Eugene R. Black May 19, 1933 –
August 15, 1934
7 Marriner S. Eccles November 15, 1934 –
January 31, 1948[9]
Harry S. Truman
8 Thomas B. McCabe April 15, 1948 –
March 31, 1951
9 William McChesney Martin jr..jpg William McChesney Martin, Jr. April 2, 1951 –
January 31, 1970
Dwight D. Eisenhower
John F. Kennedy
Lyndon B. Johnson
Richard M. Nixon
10 ArthurBurns USArmyPhoto 1955.jpg Arthur F. Burns February 1, 1970 –
January 31, 1978
Gerald R. Ford
Jimmy Carter
11 Portrait of G. William Miller.jpg G. William Miller March 8, 1978 –
August 6, 1979
12 Paulvolcker.jpg Paul A. Volcker August 6, 1979 –
August 11, 1987
Ronald W. Reagan
13 Greenspan.jpg Alan Greenspan August 11, 1987 –
January 31, 2006[10]
George H.W. Bush
Bill Clinton
George W. Bush
14 Ben Bernanke official portrait.jpg Ben Bernanke February 1, 2006 –
Barack Obama

The Board of Governors of the Federal Reserve did not exist prior to the major reorganization of the Fed in 1935 (Banking Act of 1935). Prior to that time, the "Federal Reserve Board" (created in 1913 under the Federal Reserve Act) had a Board of Directors. The directors' salaries were significantly lower (at $12,000 when first appointed in 1914[11]) and their terms of office were much shorter prior to 1935. In effect, the Federal Reserve Board members in Washington, D.C. were significantly less powerful than the presidents of the regional Federal Reserve Banks prior to 1935.[12]

Prior to 1935, the heads of the twelve district "Federal Reserve Banks" were called "Governors". In the 1935 act, the district heads had their titles changed to "President" (e.g., "President of the Federal Reserve Bank of St. Louis"), as part of a major shift of power to Washington.

Thus, Marriner Eccles was the first actual "Chairman of the Board of Governors of the Federal Reserve Board". The others prior to 1935 were "Chairman of the Board of Directors of the Federal Reserve System", with much more circumscribed power.

Video unavailable
Be Prepared
Sep 19, 2013 - 8:35am

Janet Yellen may have...

alien we don't know who controls her....

and Dudley has no intention of "Do Right"....

Sep 19, 2013 - 8:44am

John McCain Fires Back At Putin: Pravda Op-Ed

John McCain Strikes Back With Pravda Op-Ed, Slams Putin, Says "Russians Deserve Better"

Submitted by Tyler Durden on 09/19/2013 - 07:49

"When editor, Dmitry Sudakov, offered to publish my commentary, he referred to me as "an active anti-Russian politician for many years." I'm sure that isn't the first time Russians have heard me characterized as their antagonist. Since my purpose here is to dispel falsehoods used by Russia's rulers to perpetuate their power and excuse their corruption, let me begin with that untruth. I am not anti-Russian. I am pro-Russian, more pro-Russian than the regime that misrules you today. I make that claim because I respect your dignity and your right to self-determination. I believe you should live according to the dictates of your conscience, not your government. I believe you deserve the opportunity to improve your lives in an economy that is built to last and benefits the many, not just the powerful few. You should be governed by a rule of law that is clear, consistently and impartially enforced and just. I make that claim because I believe the Russian people, no less than Americans, are endowed by our Creator with inalienable rights to life, liberty and the pursuit of happiness..."

Sep 19, 2013 - 9:03am

Next Fed chair

I think Cal Law's reasoning for Dudley is very good, and under normal circumstances I would completely agree... but I have a suspicion that Goldman may not want "one of their own" to go down in history as the next Fed chair, or have the events that are coming be presided over by someone linked directly to them. The next Fed chair will be a patsy, someone to take the brunt of the blame for what comes next.

Given that thought, I discovered something interesting when I was searching for material for a photoshop a few months ago. I did a google search for images of Yellen, and I was struck by how truly poorly she comes off visually- in 70 or 80% of the images out there of her, she has her mouth agape in a confused, slightly dithering way. I know this woman is not dumb - I may disagree vehemently with her economics, but she has to be very, very smart to have done what she has done - but she sure doesn't look that way. Check out a partial screen-capture of google images for this woman:

She looks slack-jawed and confused, perhaps in over her head and trying to grasp what she should do... and this seems to be her default facial setting. It appears over and over in images of this woman, and it communicates the exact opposite of the cool, commanding competence people desire in important leadership posts during difficult times. It is obviously unfair to judge her by her appearance alone, but the reality of a media-driven society is that the visual image is everything. Now, imagine this expression in the following scenarios being played-out in live congressional hearings:

"Madam Chairwoman, gasoline prices have risen five-fold since you assumed office, creating an enormous drag on the economy. Why should people not question your current policies?"

"Madam Chairwoman, the American middle class has seen it's net worth cut in half in the last three years, and GDP has been negative for six straight quarters now. How confident are you that the Fed's approach to Quantitative Easing is the correct policy choice?

"Madam Chairwoman, many are blaming the policies of the Federal Reserve for the crippling inflation we are facing, inflation which was a major factor in the recent food riots in Cincinnati and and Buffalo, could you comment on this"?"

If the choice is Yellen, we will know for certain that the endgame is near, and they want an easy mark to pin it all on. That's my 2c.

Sep 19, 2013 - 9:04am


Every comment I have about that McCain piece is self evident. Stunning!

Be Prepared
Sep 19, 2013 - 9:09am


I'm telling you... Alien... that's all. :-) 

Like you said, though, she is certainly intelligent, but the last thing we need is another liberal academic with a Spendomics emphasis and a minor in Print-o-matic leading this journey. The patsy idea fits.

Sep 19, 2013 - 9:12am

Renminbi still seen as weak currency:Further Devaluation Coming?


Renminbi still seen as weak currency despite rising global status

  • 2013-09-19 / 12:23 (GMT+8)
Renminbi banknote and coins. (Photo/CFP)

Renminbi banknote and coins. (Photo/CFP)

The renminbi is more popular than ever but continues to be considered as a weak currency in the international market, reports the Beijing-based Economic Observer.

On Sept. 6, the Bank for International Settlements (BIS) unveiled a report about foreign exchange turnover, saying the turnover of the renminbi has jumped to ninth from 17th in 2010, surpassing the Swedish krona and the New Zealand dollar.

The internationalization of the renminbi has continued to push up the currency's turnover, rising to No. 4 after only the US dollar, the euro and the Japanese yen in three years, said Hu Wentao, senior director of JP Morgan Chase RMB transactions.


>>>Hua Xia Bank introduces five gold and silver coin ATMs in Beijing<<<


With such a background, international investment banks have been confidently promoting their renminbi business, with JP Morgan Chase even setting its China policy to promote the renminbi to multinational companies.

According to the BIS report, based on figures compiled in April, the renminbi's daily turnover tripled to US$120 billion this year compared to the past three years, accounting for 2.2% of the global foreign exchange turnover. Though its turnover is still far behind that of the US dollar's daily average of US$4.7 trillion, the renminbi's turnover growth has become an apparent uptrend.

In addition to foreign exchange transactions under the current account, investors also hope to invest in and hold the renminbi, thus gradually pushing up its turnover, Hu said. Some central banks, sovereignty funds, mutual funds, insurance companies, financial institutions, enterprises and individuals are also interested in investing in the renminbi, Hu added.

In the past, most central banks and investors chiefly invested in the US dollar and euro, but after the 2008 global financial crisis and the euro debt crisis in 2011 they need to diversify some of their assets into more stable currencies such as the renminbi. The currency is seen as stable as China's inflation is always controlled within 3%, making the nation's real interest rate pretty high, Hu said.

Since Sept. 9, the central parity rate for the yuan against the US dollar rose for four consecutive days to 6.1575 on Sept. 12, a record high since China conducted its foreign-exchange reform in 2005.

Insiders said that China's central bank recently actively intervened in the foreign exchange market, having bought about US$10 billion worth of US dollars since August. But the non-delivery-forward market showed expectation of a renminbi depreciation, quoting the one-year renminbi at 6.2170/6.2200 on Sept. 12. Hu estimates that the yuan's central parity rate will reach 6.13 by the end of this year.

The renminbi has appreciated more than 10% against the US dollar over the past three years, however it is still seen as a weak currency compared with its economic size. China's GDP accounted for 11.75% of the world's total, next only to 22.4% of the US, but among the foreign exchange turnover, the renminbi accounted for just 1.1%, far behind 43.5% of the US currency, the paper said.

Sep 19, 2013 - 9:19am

Breaking News...

Just out and just a headline at the moment...'s a bit more starting to come out... JPMorgan makes deals to pay $920 million for Whale probes A U.S. and JPMorgan flag fly in front of the headquarters of JPMorgan Chase & Co bank in New York, March 15, 2013. REUTERS/Lucas Jackson

A U.S. and JPMorgan flag fly in front of the headquarters of JPMorgan Chase & Co bank in New York, March 15, 2013.

Credit: Reuters/Lucas Jackson

Thu Sep 19, 2013 9:08am EDT

(Reuters) - JPMorgan Chase & Co the biggest U.S. bank, will pay approximately $920 million in penalties to regulators in two countries to settle some of its potential liabilities from its $6.2 billion London Whale derivatives loss last year, according to terms made public on Thursday.

The penalties include $300 million to the U.S. Office of the Comptroller of the Currency, $200 million to Federal Reserve, $200 million to the U.S. Securities and Exchange Commission and 137.6 million pounds ($219.74 million) to the United Kingdom's Financial Conduct Authority.

The regulators' citations focus on failures in risk management and financial reporting systems. JPMorgan was also cited for failing to tell its board of directors and regulators about deficiencies in its risk management systems that had been identified by management.

Mr. Fix
Sep 19, 2013 - 9:21am

Excellent article, California Lawyer.

 Deciding the next Fed chair, is probably not as important as knowing that the next Fed chair is on a mission to destroy the dollar.

 That is the plan, and ushering in the new SDR is also part of it.

 In between, things are going to be very nasty.

 Prepare accordingly.

Sep 19, 2013 - 9:29am

@Pining-If you think she looks bad in pix....

I noticed the same thing about her pix, but she's even worse on film!

Janet Yellen, S.F. Federal Reserve Bank, discusses US recovery from recession - Haas School
TreeTop Dweller
Sep 19, 2013 - 9:34am

McCain -DPH

Jeez, can there be a better example of how low our politician's are willing to stoop?

This thing is spinning out of control and they are trying every school boy trick to buy time.

I believe you deserve the opportunity to improve your lives in an economy that is built to last and benefits the many, not just the powerful few. You should be governed by a rule of law that is clear, consistently and impartially enforced and just. I make that claim because I believe the Russian people, no less than Americans, are endowed by our Creator with inalienable rights to life, liberty and the pursuit of happiness..."

Now try saying that in front of the mirror 3 times fast without breaking out laughing.

Sep 19, 2013 - 9:37am

Next Fed-head Dudley?

Cal Lawyer, I like how you think. Dudley has that over-arching experience as a GS alum.

Yellen is the front-runner, therefore she will not be chosen. Never do what the public expects. And, not an alum of GS or JPM.

Remember a few years ago, when Tiny Tim was chosen, Jamie Dimon's name was mentioned in some circles, as I recall.

Now, there's a dark horse!

Of course, JPM has taken on a bad-boy image with the likes of Turdites, but most people never heard of him. Since he actually runs the government's day-to-day funding ops, maybe, just maybe he ekes out over Dudley.

Mr. Fix
Sep 19, 2013 - 9:42am

The destruction of capitalism, another ironclad goal.

Why Obama Allowed Bailouts Without Indictments

Submitted by Tyler Durden on 09/18/2013 - 23:11

"The government’s bailout plan destroyed capitalism. In a capitalist system, those who stood to gain–and already made off with large gains—would have to bear the risk. The bailouts represented a corruption of capitalism. Crony capitalism violates the spirit of democracy established by the Founding Fathers of the republic known as the United States." - Janet Tavakoli

All of the suffering and hardships the majority of Americans are experiencing today are directly related to the coup pulled off by the crony financial oligarchs in the fall of 2008, and all of the media and political minions that helped them do it.People realize we have become a Banana Republic and they have now lost all hope.

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