Janet Yellen Starts Work At Brookings Institution On Monday

Yellen Starts Work At Brookings Institution On Monday:

A glitch in the monetary matrix?

Fed watchers will recall that shortly after he departed the Fed to make way for Janet Yellen, Ben Bernanke first joined the Brookings Institution in DC (before also joining PIMCO and Citadel as an advisor), where he became blogger emeritus. Fast forward a little over three years, when deja vu has hit, and as Steve Liesman reported moments ago, Janet Yellen – who is still technically employed by the Fed until this weekend – will begin work Monday morning as a distinguished fellow at the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution in Washington, DC.

In heading to Brookings, Yellen follows in the steps of former Fed Chairman Ben Bernanke and former vice chairman Donald Kohn, along with former top Fed staffer Nellie Liang.

Yellen, 71, spent 17 years in the Federal Reserve system, including four as chair, four as vice chair, three as a Federal Reserve governor and six as San Francisco Fed president.

In addition to blogging, what will Yellen do at Brookings?

Read moreJanet Yellen Starts Work At Brookings Institution On Monday

The Dirty Business of U.S. ‘Think Tanks’

Crony Capitalism

The Dirty Business of U.S. ‘Think Tanks’:

Many of you have already read this past Sunday’s excellent and deeply disturbing article published by the New York Times regarding the shady and inappropriate activities regularly conducted by U.S. “think tanks.” If you haven’t read it yet, I highly suggest you take the time to do so.

It’s important to acknowledge that the U.S. economy has morphed into one gigantic lawless crime scene. An environment in which crony insiders who add zero value to society parasitically feast on the country’s treasure. In the case of so-called “think tanks,” we have organizations receiving copious taxpayer subsidies for the privilege of screwing over the American public.

To understand the topic further, I present you with some excerpts from the article titled, Researchers or Corporate Allies? Think Tanks Blur the Line:

Think tanks, which position themselves as “universities without students,” have power in government policy debates because they are seen as researchers independent of moneyed interests. But in the chase for funds, think tanks are pushing agendas important to corporate donors, at times blurring the line between researchers and lobbyists. And they are doing so while reaping the benefits of their tax-exempt status, sometimes without disclosing their connections to corporate interests.

Read moreThe Dirty Business of U.S. ‘Think Tanks’

AND NOW: Ben Bernanke: ‘China Is Contained’ – Sure!!!

bernanke-smiling

Ben Bernanke: “China Is Contained”; Ray Dalio Agrees:

“I don’t think China’s economic slowdown is that severe to threaten the global economy.”

“China has managed debt restructurings superbly.”

* * *

Sure!!! Let’s look at Bernanke’s track record.

Here are 31 quotes:

1. (October 20, 2005) “House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.”

2. (On 60 Minutes in response to a question about what would have happened if the Federal Reserve had not “bailed out” the U.S. economy) “Unemployment would be much, much higher. It might be something like it was in the Depression. Twenty-five percent.”

3. (February 15, 2006) “Housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise.”

4. (January 10, 2008) “The Federal Reserve is not currently forecasting a recession.”

5. (When asked directly during a congressional hearing if the Federal Reserve would monetize U.S. government debt) “The Federal Reserve will not monetize the debt.”

6. “One myth that’s out there is that what we’re doing is printing money. We’re not printing money.”

Read moreAND NOW: Ben Bernanke: ‘China Is Contained’ – Sure!!!

The Latest Revolving Door Farce: Bernanke, Trichet And Gordon Brown To Form Pimco Advisory Board

bernanke truchet brown

The Latest Revolving Door Farce: Bernanke, Trichet And Gordon Brown To Form Pimco Advisory Board:

The public-to-private sector “revolving door” has crossed into the macabre twilight zone.

Moments ago an announcement by giant bond manager (technically, these days “merely above average height” bond manager, considering the collapse in the TRF’s AUM since Bill Gross’ departure over a year ago) revealed that public service cronyism is not only alive, but has never been better, when in a press release it reported that former Fed Chairman Ben Bernanke, ex-U.K. Prime Minister Gordon Brown, and former ECB president Jean-Claude Trichet will form the backbone of a “global advisory board” at Pimco.

Read moreThe Latest Revolving Door Farce: Bernanke, Trichet And Gordon Brown To Form Pimco Advisory Board

Bernanke Says Economy Needs To Crash Periodically So We Can Be Sure We’re Pushing It Hard Enough

Bernanke Says Economy Needs To Crash Periodically So We Can Be Sure We’re Pushing It Hard Enough:

If you’re a journalist, it’s always exciting to get the chance to interview courageous people – you know, war heroes, revolutionaries, innovators, political dissidents and the like.

Of course when it comes to courage, there’s scarcely a man alive that compares to Ben Bernanke. Indeed, he even had the courage to use the word “courage” in the title of a book about monetary policy knowing very well that doing so would likely lead to all manner of contemptuous ridicule.

FT’s Martin Wolf recently got the opportunity to chat with courageous Ben over “firm, juicy” swordfish and grilled halibut at McCormick & Schmick’s in Chicago. Predictably, the interview is replete with cringe worthy soundbites, some of which we present below. 

Read moreBernanke Says Economy Needs To Crash Periodically So We Can Be Sure We’re Pushing It Hard Enough