Posted on 10/10/2012 6:44:50 AM PDT by SeekAndFind
Many of the challenges Mitt Romney would face in choosing a Federal Reserve chairman, should he win the presidency, are the same as those that President Obama would encounter: the need to find someone with an exemplary mix of skills as an economist, communicator and financial regulator.
But he would have an added challenge. Romney would need to decide whether he fully buys in to the arguments he has made in favor of a tighter money supply. Is he willing to put the nation’s money where his mouth is?
“The American economy doesn’t need more artificial and ineffective measures,” Romney’s campaign said after the Fed announced its latest strategy to pump more money into the economy in September, a policy aimed at bringing down unemployment. “We should be creating wealth, not printing dollars.” Romney has said he would not reappoint Fed Chairman Ben S. Bernanke when his term expires Jan. 31, 2014, about one year into the new presidential term.
If Romney sticks to his embrace of hard money, it would be a rare event in economic history. Elected political leaders, at least outside of Germany, almost always favor lower interest rates to higher, and easier money to tighter. Aides to Richard M. Nixon, Ronald Reagan and George H.W. Bush pressured the Fed to ease monetary policy, at times of significantly higher inflation than what has been experienced recently. Bush is said to have blamed his loss in the 1992 election on Fed Chairman Alan Greenspan’s unwillingness to cut interest rates enough.
(Excerpt) Read more at washingtonpost.com ...
Ron Paul would be the first name on my list. He would scare the hell out of them. And the senators that would have to confirm him.
In any case, it should not be anyone from a Wall Street firm.
Ron Paul
Richard W. Fisher is an inflation hawk and would be my choice, although he did vote with the board on the last round. Hubbard has the inside track.
Peter Schiff. :)
First chice = Rick Santelli.
Second choice = Art Laffer.
RE: Ron Paul would be the first name on my list. He would scare the hell out of them. And the senators that would have to confirm him.
*************
Some thoughts...
I found it very odd that Ron Paul did not attack Romney during the GOP primaries even as he trained his guns on everyone of Romney’s rivals ( Santorum, Newt, etc ). Heck, he even called Ric Santorum a fake. Romney? Ron Paul Didn’t touch him at all.
Could there have been an agreement in secret?
Also, if Ron Paul were Fed chairman, get ready for a huge, ugly and divisive debate about the return to the gold standard (Abandoned by Nixon 40 years ago ). Count on it.
G. Edward Griffin!
RE: Art Laffer
Make him Treasury Secretary ( and vet him first to make sure he paid his taxes ).
I believe Fed chairmen have to be chosen from among Fed boardmembers.
RE: I believe Fed chairmen have to be chosen from among Fed board members.
Why can’t Ron Paul first be made a board member and then after some time, the Chairman?
Or is the chairman selected by the board members themselves?
Stuart Varney.
Keep the Bernanke. He’s doing such a fine job. The printing presses are running at full capacity.
Larry Kudlow’s my guy for Sec Tres.
As long as it’s someone who won’t tighten the money supply. That would be an epic disaster. See 1937-38 for why...
I am more than ready for a debate on the gold standard. Currencies should be related to precious metals, whose values are fixed and not based on manipulations or the arbitrary thoughts of the members of the Fed.
Well, if Milton Friedman were still alive ...
Either Peter Schiff, who is a tiger to be respected, or Ron paul, to ‘put his money where his mouth is’.
Yes, I did catch that in all the debates that Paul kept Romney as ‘off limits’, and even ‘tag-teamed’ another debate candidate.
A return to the Gold Standard would be interesting to watch.
As a side note: a return to the Gold Standard, also carried with it the return of the Silver Standard, as well. If you remember, our dollar bills were once certificates of ‘one dollar silver’. IMHO, it is the preppers, the hoarders, and the speculators of silver, that drove Kodak out of business, being no longer able to afford silver metal to manufacture photographic film.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.