The best choice for the next Fed Chairman to succeed Ben Bernanke is James B Bullard; the St. Louis Fed Governor. His thinking is relevant in both theory and in a more pragmatic sense. The position pays $199,700. Will he accept it is the key concern. Does anyone in authority believe he would make a fine choice? To be sure, Main Street is leaning towards Janet Yellen. I think this would accommodate the need for a strong-minded person at the helm. However, as stated above, the better choice is James Bullard. It would make more sense given his "personal economic views", regarding the current challenges that we must navigate through. This period of time, will be marked in history as to how monetary policy and the usage of "new monetary tools" are looked upon. Moreover, the outcome of this monetary experiment is crucial for future prosperity. The current policy holds the key to renewing the necessary confidence that sits at the roots of economic advancement on a macro-basis. The utilization of unconventional monetary tools in a post-Bernanke period needs to be as if he never retired. We have the latitude for Quant Easing since core inflation is subdued, but will it be the long-run answer for "sustainable" GDP growth longer-term? I believe it will be; however, policy makers currently at the FOMC do not have the luxury of making an error in judgment.
Posted on: Sat, 03 Aug 2013 02:00:18 +0000
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