New Boss Same As The Old Boss Janet Yellen To Be Named Head Of Federal Reserve CNBC October 8, 2013 After months of speculation, it's official: Janet Yellen will be the next chair of the Federal Reserve, succeeding Ben Bernanke, the White House said late Tuesday. President Obama will make the announcement on Wednesday at 3pm ET, the White House said. Both Janet Yellen and current Fed chair Ben Bernanke are expected to attend. That announcement will be right after the Fed releases the minutes from its last meeting, due out at 2pm ET. Dow and S&P futures shot higher following the announcement, pointing to a higher open on Wall Street Wednesday. What are futures doing now? Click here for the latest futures action. "Markets are giving Yellen the thumbs up, counting on quantitative easing being maintained at full pace until further notice," Sean Callow, senior currency strategist at Westpac in Sydney, told Reuters after the announcement. "It's a notable reaction given Yellen's nomination was so widely expected and that it comes at a time markets are already assuming the Federal Open Market Committee will not seriously consider a policy change at the October meeting given the fiscal standoff." Yellen is seen as a dove on monetary policy, favoring strategies that bring down unemployment even at the risk of driving inflation higher. She has said she does not believe there is often conflict between the two Fed goals. (Read more: Bill Gross: Fed will have to taper stimulus) "When the goals conflict and it comes to calling for tough trade-offs, to me, a wise and humane policy is occasionally to let inflation rise even when inflation is running above target," she said in 1995. If confirmed, she'll have a tough job ahead of her: She will have to oversee the tricky process of reversing the extraordinary stimulus the U.S. central bank put in place to shore up the world's largest economy, which eclipses Japan and China put together. (Read more: No end in sight for debt addiction: Paul Singer) "I don't think it's going to be a surprise to the market ... but certainly it suggests that the Fed is going to continue with a dovish policy," Peter Cardillo, chief market economist at Rockwell Global Capital, told Reuters.
"I'm calling for them to perhaps begin scaling back [quantitative easing] slightly in December but a lot of that depends on the outcome of the Washington shutdown and above all the debt ceiling ... If the impact of the Washington shutdown weighs more heavily on the economy, that could push it back until the first quarter of 2014." Yellen, 67, is currently the vice chairman of the Fed and has been widely reported as a front-runner to succeed Bernanke when his term ends in January. In recent months it had largely come down to a two-horse race: Most expected either Yellen or former Treasury Secretary Larry Summers to get the nomination. Summers was widely viewed to be Obama's favorite but after a massive campaign of economists and others making the case for Yellen, Summers dropped out of the race last month. If approved by the Senate, her appointment would crack one of the highest U.S. glass ceilings and make her the first woman to head the central bank in its 100-year history. She is expected to garner enough support to secure the 60 votes needed to overcome any procedural hurdles in the 100-seat Senate. Democrats control the chamber 54-46. "She's an excellent choice and I believe she'll be confirmed by a wide margin," Sen. Chuck Schumer, D-NY, said after the announcement. (Watch now: Is Janet Yellen 'plan b' for Fed Chair?) "I commend President Obama on his selection of Dr. Yellen to be the first woman to serve as Federal Reserve Chairman. She has a depth of experience that is second to none, and I have no doubt she will be an excellent Federal Reserve Chairman," Senate Banking Committee Chairman Tim Johnson, D-SD, said in a statement. Yellen was appointed vice chair in Oct. 2010. She was president and CEO of the Federal Reserve Bank of San Francisco from 2004 to 2010 and also served as chair of the Council of Economic Advisors from 1997 to 1999. Prior to joining the Fed, Yellen spent much of her career as a professor at the University of California at Berkeley.
She is married to, and has co-authored a number of papers with, Nobel Prize-winning economist George Akerlof, whom she met in the fall of 1977 when they were both economists at the Fed board. They married the following June and left the Fed to teach at the London School of Economics. Their only child, now a university economics professor, knew he wanted to go into economics by the time he was 13. Janet Yellen to Be Named Head of Federal Reserve VIDEO BELOW http://video.cnbc.com/gallery/?video=3000205666
New Federal Reserve Boss, Same Train Wreck Policies Kurt Nimmo Infowars.com October 9, 2013
Yellen is a staunch supporter of plan to create asset bubbles Obama’s selection for Federal Reserve boss, Council on Foreign Relations member and Alan Greenspan protege Janet Yellen, has signaled that the fiat funny money printing presses will continue to roll. Bankster minion Larry Summers, who worked closely with cohort Robert Rubin to dismantle the firewall between commercial and investment banking (Glass-Steagal) and allow derivatives to ruin the economy, was on the short list. His toxic background as a sleazeball at the Treasury Department (see Greg Palast’s article) got him dumped and paved the way for the president and Chief Executive Officer of the Federal Reserve Bank of San Francisco to be appointed. The Senate indicated it would oppose the nomination of Summers, not because he was instrumental in creating the pseudo-securities wrecking ball designed to destroy national economies, but rather, if you can believe the New York Times and the rest of the Wall Street pimped Mockingbird media, he is mean to women. Yellen is squeaky clean, that is if a high-level bankster official can be considered clean, and she is a staunch supporter of the Bernanke plan to create dangerous new asset bubbles through the printing of trillions of devalued dollars in funny money, a scheme called quantitative easing. Because of her blasé background as a macroeconomics academic, her nomination by the Senate will present few if any problems. She’s a shoo-in.
“Yellen was the was the obvious choice if — and only if — you believe that the current direction of the nation’s powerful central bank is the correct one for the country,” opines the Washington Post. “Yellen has been not merely an engineer of the Fed’s policies of ‘quantitative easing’ and ‘forward guidance,’ but a consistent voice within the central bank to go further. She has reliably pushed Chairman Ben Bernanke and his colleagues to explore what else they might do to bring down the 7 percent jobless rate and put the millions of American unemployed back to work.” So, under Yellen, the Federal Reserve will continue to the process of destroying the once vaunted U.S. dollar through inflation, a process we are assured will create jobs in a country where millions of jobs over the last couple decades have been off-shored to slave labor gulags in Asia. Destroying the dollar and ushering in a new globalist economic regime is a long-term process. Since its inception in the dead of night at Christmas in 1913, the Federal Reserve has been directly responsible for the U.S. dollar losing 97% of its value. Remarkably, the Fed likes to say its job is “price stability,” or protecting the dollar. It has done the exact opposite and will continue to do so under Yellen. Killer inflation is now around ten percent, but this is hidden by deceptive tallying by the Fed and the government with the assistance of the Mighty Wurlitzer, the CIA’s Mockingbird media that peddles lies and deceptions with faithful regularity. In the halls of government, a small and widely excoriated tea party-influenced crew is attempting to ring in fiscal sanity and stop profligate debt creation, a process loved by the international bankster elite, but despite their best efforts the tide is turning against them. Ms. Yellen, who will suffer less criticism than her predecessor – under the strictures of political correctness, it is racist and sexist to criticize women and people of color who serve the elite – and she will oversee the final destruction of the once great and unparalleled engine of wealth creation, the United States. Everything You Need to Know About Janet Yellen VIDEO BELOW http://www.youtube.com/watch?v=dtmrTWh2pxY Fiat Empire: Why The Federal Reserve Violates The U.S. Constitution VIDEO BELOW http://www.youtube.com/watch?v=5K41O2QfpjA Money, Banking and the Federal Reserve VIDEO BELOW http://www.youtube.com/watch?v=YLYL_NVU1bg The Money Masters a History of Money VIDEO BELOW http://www.youtube.com/watch?v=iDtBSiI13fE The Secret of Oz VIDEO BELOW http://www.youtube.com/watch?v=swkq2E8mswI
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