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The February 11 testimony of Janet Yellen, the new Chairman of the Federal Reserve Board, to the House Financial Services Committee, described the Fed as “transparent and accountable.” However dubious a description this may be, four transparent intentions of the Fed did come through.
Quantitative easing and fiscal stimulus are becoming less effective. The reason is the same as the reason that antibiotics, overused in an attempt to cure infections including common colds, are becoming less and less effective with more intensive use: endogeneity.
Wasn't the much-maligned QE that the Fed has begun to taper/reduce supposed to be causing a stock market bubble? So why does starting to take it away trigger a sharp stock market rally?
The monetary cliff, or US potential to slip into a period of negative inflation (deflation), is more threatening than the fiscal cliff the United States faced earlier this year. Fed Chairman Ben Bernanke and soon-to-be chairman Janet Yellen should make deflation avoidance a more clearly stated Fed objective.
President Obama's nomination of Janet Yellen as chairman of the Federal Reserve board represents a victory for the Left. And her confirmation hearing may bring to light the Right's shifting views in the arcane but crucial area of monetary policy.
In this conference, veterans of the Iraq and Afghanistan wars, mental health and disability experts, and an economist will discuss current hurdles to rehabilitation, and suggest alternatives that could more effectively expedite the reintegration of veterans into their families, communities, and workplaces.
Please join Representative Randy Forbes (R-VA), AEI, the Heritage Foundation, and the Foreign Policy Initiative for a timely discussion on the 2014 QDR and the future of American defense strategy in an era of constrained budgets.
This event is livestream only.
AEI’s Philanthropic Freedom Project welcomes Bill Gates for an exclusive event at AEI.