Comments on: Why does the Fed chair need to be American? http://blogs.reuters.com/felix-salmon/2012/11/26/why-does-the-fed-chair-need-to-be-american/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: y2kurtus http://blogs.reuters.com/felix-salmon/2012/11/26/why-does-the-fed-chair-need-to-be-american/comment-page-1/#comment-44854 Thu, 29 Nov 2012 03:32:54 +0000 http://blogs.reuters.com/felix-salmon/?p=19558#comment-44854 Forgive me for still not being over having lost the election but permit me to repeat one of the few thoughts Mitt managed to communicate to the electorate.

“There are superior cultures in the world and ours is one.”

Even my friends at Fox News now understand the demographic trends at this point. We know the Latino citizens want their friends and family in and if we don’t welcome them with open arms we’ll never again win a national vote. Fine.

We do need to remember though that as politically incorrect as it might be to say out loud… there is a REASON several billion people would like to move to The US, Northern Europe, Canada and Australia.

Charles Kennedy is nothing less than childish as it pretends that the Earth can support 7 billion western lifestyles instead of 1.

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By: beowu1f http://blogs.reuters.com/felix-salmon/2012/11/26/why-does-the-fed-chair-need-to-be-american/comment-page-1/#comment-44853 Thu, 29 Nov 2012 03:30:22 +0000 http://blogs.reuters.com/felix-salmon/?p=19558#comment-44853 “Anyway, I understand that Carney is at least expected to seek some sort of British “national” status.”

He’s a Commonwealth citizen who already owes allegiance to the Queen, so he’s good to go. He could serve as a Royal Navy officer, Member of Parliament, even Prime Minister (PM Andrew Bonor Law was Canadian)– unless of course he’s Catholic.

The US Government generally requires US citizenship for most appointments. The President has authority to waive all sort of requirements, but since the Senate has to confirm Fed Chairmen and governors anyway, I’m dubious any President would try. On the bright side, the US Govt is remarkably tolerant of Catholics.

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By: Chris08 http://blogs.reuters.com/felix-salmon/2012/11/26/why-does-the-fed-chair-need-to-be-american/comment-page-1/#comment-44839 Wed, 28 Nov 2012 15:50:23 +0000 http://blogs.reuters.com/felix-salmon/?p=19558#comment-44839 The GOP would scream holy hell and accuse Obama of selling out the nation and turning over our central bank to a shyster.

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By: SchWI http://blogs.reuters.com/felix-salmon/2012/11/26/why-does-the-fed-chair-need-to-be-american/comment-page-1/#comment-44809 Tue, 27 Nov 2012 15:02:01 +0000 http://blogs.reuters.com/felix-salmon/?p=19558#comment-44809 The movement of a resident from a commonwealth country back to England is not exactly a good example of “head-hunting for foreigners”.

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By: dsquared http://blogs.reuters.com/felix-salmon/2012/11/26/why-does-the-fed-chair-need-to-be-american/comment-page-1/#comment-44805 Tue, 27 Nov 2012 07:34:08 +0000 http://blogs.reuters.com/felix-salmon/?p=19558#comment-44805 “As far as I can tell, absolutely everybody thinks that Carney is the best possible person for the Bank of England job”

I think that needs to be taken with a pinch of salt; this is the same “absolutely everybody” that thought Paul Tucker was the best possible person until about 1439 GMT yesterday. Nobody wants to start their relationship with a new Governor in a hostile manner; if Coco the Clown had been selected, you would still have got an FT editorial about his statesmanlike qualities, and it would have been roughly as fulsome and embarrassing as the one they actually wrote.

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By: MrRFox http://blogs.reuters.com/felix-salmon/2012/11/26/why-does-the-fed-chair-need-to-be-american/comment-page-1/#comment-44804 Tue, 27 Nov 2012 07:31:33 +0000 http://blogs.reuters.com/felix-salmon/?p=19558#comment-44804 FS must have gotten an early start the ‘Christmas cheer’ this year. I mean, for Christ’s sake – any clown with Harvard-econ and 13-years at GS to answer for, well … that résumé should have gone straight to the shredder.

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By: Twinkbait http://blogs.reuters.com/felix-salmon/2012/11/26/why-does-the-fed-chair-need-to-be-american/comment-page-1/#comment-44797 Mon, 26 Nov 2012 23:07:26 +0000 http://blogs.reuters.com/felix-salmon/?p=19558#comment-44797 Beyond the obvious legal requirements the answer to why the Fed Chairman has to be American is easy: The U.S. is no longer a meritocracy, it’s an AffirmativeActionocracy.

Until there are at least several U.S. ethnics and/or females who serve in this position (whether qualified or not…), and anyone but a white male all get a chance to sit in the Chair it’ll be impossible for a non-U.S. citizen no matter how uberqualifed to even have a shot.

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By: dWj http://blogs.reuters.com/felix-salmon/2012/11/26/why-does-the-fed-chair-need-to-be-american/comment-page-1/#comment-44796 Mon, 26 Nov 2012 21:37:08 +0000 http://blogs.reuters.com/felix-salmon/?p=19558#comment-44796 Don’t be daft; of course Jesus is American.

Anyway, I do think there’s some level on which a decent chunk of Americans don’t think of Fed chairman as a technocrat, which (probably?) is what he is or should be. Although I guess a decent chunk of Americans don’t seem to think much lately of allowing Americans to hire non-Americans for much of anything else, for that matter, whether a job that is essentially political or one that is essentially technical.

Anyway, I understand that Carney is at least expected to seek some sort of British “national” status. So if what’s-her-name at Pepsico gets one of these jobs, perhaps that’s not entirely different.

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By: genauer http://blogs.reuters.com/felix-salmon/2012/11/26/why-does-the-fed-chair-need-to-be-american/comment-page-1/#comment-44795 Mon, 26 Nov 2012 21:07:07 +0000 http://blogs.reuters.com/felix-salmon/?p=19558#comment-44795 Axel Weber for Fed Chair : – )

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By: Hippopotamax http://blogs.reuters.com/felix-salmon/2012/11/26/why-does-the-fed-chair-need-to-be-american/comment-page-1/#comment-44793 Mon, 26 Nov 2012 19:20:55 +0000 http://blogs.reuters.com/felix-salmon/?p=19558#comment-44793 This section of the Federal Reserve Act seems to me to be pretty clear that a nominee has to at least be a US resident: “In selecting the members of the Board, not more than one of whom shall be selected from any one Federal Reserve district, the President shall have due regard to a fair representation of the financial, agricultural, industrial, and commercial interests, and geographical divisions of the country.”

Also, would the UK have the same rapturous reception if Carney were, say, a Frenchman, and not from a Commonwealth country still subject to the Queen, which has had a particularly close relationship and two-way movement of high-level individuals even for a Commonwealth country?

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