Re: Fundstück: Der Priester an der Spitze einer Notenbank

verfasst von dottore, 24.03.2007, 17:05

-->Hi,

Greenspan stand vor Wiederwahl zu seiner dritten Amtszeit. Am 15. 3. erhielt er die Senatsbestätigung, der Senat verwies den Fall an das Committee on Banking, Housing and Urban Affairs. Am 27. 3. kam von dort das Okay. Am 20. 6. stimmte der Senat ab: 91: 7 für Greenspan, obwohl es Blockade-Versuche gebeben hatte, siehe unten NYT-Artikel dazu.

Demnach kann das"Soll"-Datum (7.6. 1996) nicht stimmen.

Der NYT-Artikel vom 8. 6. 1996:

The Unfair War on Alan Greenspan

Published: June 8, 1996

Senator Tom Harkin of Iowa has single-handedly blocked a vote to confirm Alan Greenspan's reappointment as chairman of the Federal Reserve Board. Mr. Greenspan will no doubt be approved, eventually. But the annoying delay could grow worse if, as is now threatened, his confirmation is tied to that of a number of controversial judicial nominations.

The truth is that Mr. Greenspan's record, by testimony of liberal and conservative economists alike, deserves high praise, not Mr. Harkin's thoughtless barbs.

Mr. Harkin accuses Mr. Greenspan of needlessly shackling the economy, and there are some economists and businessmen who agree with him. But the record says otherwise.

The economy has grown during seven of the eight years that Mr. Greenspan has led the Federal Reserve Board. Unemployment has steadily declined. So has inflation -- an unusual combination of good outcomes. What Mr. Harkin criticizes is the fact that the steady growth rate has, by comparison with the 1950's and 60's, been relatively slow -- about 2.5 percent per year. Mr. Harkin wants growth of 3 or 4 percent.

The sobering fact is that the Fed has no say over long-term growth and employment. Growth is limited to about 2.5 percent a year because of slow population growth and productivity growth, two trends over which the Fed has almost no control. What the Fed does control is the amount of money circulating through the economy, which determines how fast prices rise. The best way the Fed can make sure the economy grows as fast as possible is to remove the fear of inflation from the decisions to work and invest that are made by ordinary citizens. On that score, Mr. Greenspan's record has been very good.

It is true that the Fed can, when the economy is in a temporary lull, bring down interest rates in an attempt to spur investment and boost economic activity back up to capacity levels. But there are fairly strict limits on how far the Fed can go. At some point -- economists disagree where -- unemployment falls so low that wage and price inflation begin to soar.

Mr. Harkin asserts that the economy could operate without threat of inflation at an unemployment rate well below the current level of 5.6 percent. That may be true. But even if the Fed turned activist, and Mr. Greenspan's critics turned out to be right about inflation, the impact on the economy would be modest and temporary. If, for example, the Fed nudged unemployment down to 4.5 percent, it would mean only that the economy could grow a bit quicker, around 3.5 percent, for about two years. Then growth would slip back down to its long-run potential of 2.5 percent.

A case can be made, in hindsight, that the Fed has erred in the direction of caution the past couple of years. But the errors have been slight and the impact small. The important fact is that Mr. Greenspan has kept the economy on a steady course through turmoil on Wall Street and a war in the Persian Gulf. Mr. Harkin's carping is not just annoying. It is wrong."

[Im NYT-Text keinerlei Bezug auf die Greenspan-Plaudereien, sondern nur auf die übliche hard facts, die im ZB-Geschäft eine Rolle spielen).

Greenspan bedankt sich beim Committee am 18. Juli so:

"July 18, 1996


Before I take this opportunity to discuss the performance of the U.S. economy and the conduct of monetary policy, I would first like to thank the Chairman and the other members of this Committee for their support during my confirmation process. I am grateful for the opportunity to serve the nation in this capacity for another term."

Im übrigen erinnert die Frage (Nochmal Crash?) an die Befragungen, die Ron Paul gegenüber Greenspan des öfteren gestellt hat. Paul kam aber erst 1997 in den Kongress.

Bei dem Text ("inbrünstig","Kraft des Geldes","wunderbare Stärke der USA","Kräfte der Finsternis","göttliche Vorsehung","Gott","täglich zu beten") kann es sich nur um einen Scherz handeln. Es existiert nirgends ein Greenspan-Text, der mit derartigen Schwülstigkeiten daher gekommen wäre.

Morgen lasse ich ins Library-Shelf greifen - dann wissen wir noch mehr. Leider steht das Protokoll der Comittee-Befragung derzeit aus.

Gruß!

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  • Re: Fundstück: Der Priester an der Spitze einer Notenbank - GutWettertrader, 24.03.2007, 11:10
  • Re: Fundstück: Der Priester an der Spitze einer Notenbank - dottore, 24.03.2007, 17:05