Chazakah! Rise of another Jew – Janet Yellen – as chair of US Federal Reserve Bank
Washington: Janet Yellen’s ascent to the chair of US Federal
Reserve Bank has been termed as ‘chazakah’ in Jewish circles. The
Hebrew term implies that when something recurs for third time, it is
permanent. Yellen is third Jewish chair of Fed in one go and this is
third decade of Jewish power and influence.
Janet Yellen succeeded Ben Bernanke, a Jew, who succeeded Alan
Greenspan, who was a Jew too. Fed has been chaired by Jews since 1987
when the reins were taken over by Greenspan from Paul Volcker.
Interestingly, Lawrence (Larry) Summers, other contender for the chair
of Fed, was a Jew as well.
Jewish papers have been boasting about the impossibly firm grasp of
Jews on the Fed, US financial and banking sector precisely. There are
myths that Jews are taking over the global banking system encore –
‘surpassing anything Rothschild tycoons were able to maintain at the
height of their influence’, a Tablet article read.
Janet Yellen, 67, was born to a working class Jewish family in
Brooklyn, New York. However, Yellen’s family is described popularly as
‘Jewish, although not particularly observant’. A leading economist,
Yellen studied economics at Brown and Yale Universities. Yellen got
married to Nobel Prize winning economist George Akerlof in 1978, who is
also Jew.
After spending two decades in academic world, Yellen joined US president Clinton’s
economic team. She takes to the chair of Federal Reserve in a time when
the world is grappling with meltdown that emanated from property bubble
burst in 2008.
Yellen’s predecessor Bernanke fought stagflation of a decade
through quantitative easing (QE), which was commenced in late November
2008, an unconventional monetary policy. Since December, Fed has been
rolling back its monthly monetary stimulus of $85 billion under QE3.
Although Yellen was critical of low interest rates leading to
sub-prime mortgage crisis in USA, she has been quite supportive of
monthly bond-buying programme. On 18 December the package was reduced to
$75 billion and on 29 January to $65 billion.
On 20 December 2013, Senate voted for Yellen’s nomination as chair
of US central bank. She had defended strongly the injecting of over $3
trillion in US economy while her nomination and had testified that the
policy will be reverted to more traditional monetary policy once the
economy is re-established.
On 3 February 2014, Janet Yellen sworn in and officially took
office of US Fed. She was elected by FOMC (Federal Open Market
Committee) on 30 January 2014. Popularly known to be a ‘dove’, Yellen is
more concerned about the rampant unemployment in States. It is expected
that there are lower chances of interest rates hiking with Janet
Yellen’s advent in US economy.
LOVE KUMAR GUPTA
PGDM II SEM
Washington: Janet Yellen’s ascent to the chair of US Federal
Reserve Bank has been termed as ‘chazakah’ in Jewish circles. The
Hebrew term implies that when something recurs for third time, it is
permanent. Yellen is third Jewish chair of Fed in one go and this is
third decade of Jewish power and influence.
Janet Yellen succeeded Ben Bernanke, a Jew, who succeeded Alan
Greenspan, who was a Jew too. Fed has been chaired by Jews since 1987
when the reins were taken over by Greenspan from Paul Volcker.
Interestingly, Lawrence (Larry) Summers, other contender for the chair
of Fed, was a Jew as well.
Jewish papers have been boasting about the impossibly firm grasp of
Jews on the Fed, US financial and banking sector precisely. There are
myths that Jews are taking over the global banking system encore –
‘surpassing anything Rothschild tycoons were able to maintain at the
height of their influence’, a Tablet article read.
Janet Yellen, 67, was born to a working class Jewish family in
Brooklyn, New York. However, Yellen’s family is described popularly as
‘Jewish, although not particularly observant’. A leading economist,
Yellen studied economics at Brown and Yale Universities. Yellen got
married to Nobel Prize winning economist George Akerlof in 1978, who is
also Jew.
After spending two decades in academic world, Yellen joined US president Clinton’s
economic team. She takes to the chair of Federal Reserve in a time when
the world is grappling with meltdown that emanated from property bubble
burst in 2008.
Yellen’s predecessor Bernanke fought stagflation of a decade
through quantitative easing (QE), which was commenced in late November
2008, an unconventional monetary policy. Since December, Fed has been
rolling back its monthly monetary stimulus of $85 billion under QE3.
Although Yellen was critical of low interest rates leading to
sub-prime mortgage crisis in USA, she has been quite supportive of
monthly bond-buying programme. On 18 December the package was reduced to
$75 billion and on 29 January to $65 billion.
On 20 December 2013, Senate voted for Yellen’s nomination as chair
of US central bank. She had defended strongly the injecting of over $3
trillion in US economy while her nomination and had testified that the
policy will be reverted to more traditional monetary policy once the
economy is re-established.
On 3 February 2014, Janet Yellen sworn in and officially took
office of US Fed. She was elected by FOMC (Federal Open Market
Committee) on 30 January 2014. Popularly known to be a ‘dove’, Yellen is
more concerned about the rampant unemployment in States. It is expected
that there are lower chances of interest rates hiking with Janet
Yellen’s advent in US economy.
LOVE KUMAR GUPTA
PGDM II SEM
LOVE KUMAR GUPTA
PGDM II SEM
No comments:
Post a Comment