Stanley Fischer at the FED

We really don't need Stanley Fischer at the FED.

from Marginal Revolution. (emphasis by TNB) Inequality and the Masters of Money:

Now consider, President Obama’s nomination for Fed vice-chairman, Stanley Fisher. Fisher was born in Zambia, holds dual Israeli-American citizenship and was most recently the governor of the Bank of Israel. In all of US history there is almost no precedent for a former major official of a foreign country to become a major official of the United States. Given all the economists in the United States one might have thought that a suitable candidate could be found without this peculiar history and yet it’s not hard to understand why President Obama has nominated Fisher–to wit, ...
...
... Perhaps the world of monetary economics is an inbred, clique, a supplier-controlled cartel. Maybe so, but I see this as part of a larger story. Stanley Fisher, rather than thousands of other nearly equally-qualified people, is being nominated to the U.S. Federal Reserve for the same reasons that large firms, compete madly for a handful of CEO’s in the process bidding up their wages to stratospheric levels

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