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George Magnus

Economist and Author

George Magnus

Economist and Author

Here’s an idea: what if Trump tried appointing an actual economist to lead the Federal Reserve?

By George Magnus Posted on November 12, 2017December 22, 2017 In United States Fed Chair, Federal Reserve 0

First published: Prospectmagazine.co.uk, 6/11/2017

It is far from certain whether Jerome Powell, Trump’s pick to succeed Janet Yellen, will rise to the occasion

Would you appoint a sociologist to run a nuclear power station? Or an economist to the position of Lord Chief Justice? Clearly not, so, why has Donald Trump appointed a lawyer to run the Federal Reserve—the US and arguably the global—central bank, when Janet Yellen steps down next February? The choice matters because of America’s still commanding influence on global economic and financial affairs. Jerome, or Jay, Powell is not a bad choice for the Fed, but he is not who you’d want for the challenges that are almost certainly going to crop up in the next few years.

Who knows what drives President Trump’s choices? Yellen’s credentials and record made her a shoo-in for re-appointment. Perhaps Trump disapproved because she was an Obama appointee. Perhaps he and Treasury Secretary Steve Mnuchin wanted someone more amenable to the administration. In any event, Powell follows in the footsteps of G William Miller in the late 1970s—a non-economist appointed in preference to a sitting Chairperson…..Read more:

Photo by Philip Strong on Unsplash

previously

previously

The US is starting to resemble an emerging market—and not in a good way
up next

up next

Trump’s trade war with China: he’s about to turn the volume back up

About

George Magnus

George Magnus

George Magnus is an independent economist and commentator, an Associate at the China Centre, Oxford University, and an adviser to some asset management companies.

He is a regular contributor to the Financial Times, Prospect Magazine and other written media, and appears regularly on BBC TV and radio, Bloomberg TV and other outlets.

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"George Magnus does not look like a prophet. Yet this is the man widely acknowledged to have predicted that the US sub-prime mortgage crisis would trigger a global recession."

- Josephine Moulds, The Daily Telegraph

George Magnus's Viewpoints Blog

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  • Whither China’s investment in the UK
  • Whatever RCEP is, it’s not the answer to the slump in world trade
  • Ofcom, CGTN and BBC row, the latest nail in Britain’s golden era coffin with China
  • It’s ok to call the Chinese Communist Party to account

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