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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (105915)	4/30/2014 10:27:57 AM
From: Haim R. Branisteanu	Respond to of 221074

On Stanley Fischer: Don’t Mistake a Bubble For Talent No proper analysis of Israel’s economic bubble should neglect discussing the role played by Stanley Fischer, the governor of the Bank of Israel from 2005 to 2013. Fischer, a New Keynesian economist, has been widely lauded by the international economics community for his management of Israel’s economy during and after the Global Financial Crisis. In 2009, 2010, 2011 and 2012, Fischer received an “A” rating on Global Finance magazine’s Central Banker Report Card, and in 2010, Bank of Israel was ranked the world’s most efficiently functioning central bank. So highly respected is Stanley Fischer that U.S. President Barack Obama nominated him to be Vice-Chairman of the Federal Reserve in January 2014. I do not share the same reverence for Stanley Fischer that the mainstream economics community does, however. Rather than credit Fischer for Israel’s strong economic performance through the financial crisis, I view his Keynesian-inspired policies as responsible for creating the country’s artificial bubble-driven boom that is, ironically, very similar to those that caused the global crisis in the first place. Like Alan Greenspan’s 2005 departure from the Fed at the peak of the housing bubble that he created, Stanley Fischer left Bank of Israel in 2013 as a hero…but only because “his” bubble has not yet popped. When evaluating central bankers, never mistake a bubble economy for talent. forbes.com