Since mid-December, when Federal Reserve Chairman Ben Bernanke held his last press conference as Fed chief, the media focus has intensified on Janet Yellen, who is set to take over the central bank’s reins on February 1 — provided she passes the Senate confirmation vote scheduled for January 6, 2014. Another name that will increasingly figure in financial news is Stanley Fischer, who appears to be the choice of the White House, Wall Street, and international banking elite to take Yellen’s former slot as vice chairman at the Fed.
Since the second week of December, when the White House unofficially leaked its choice of Fischer, the establishment media have been celebrating the selection. The Yellen-Fischer according to mainstream-media enthusiasts is the “dream team” of the “New Keynesians.” On December 23, Harvard econ professor Jeffrey Frankel (CFR) authored a column for Project Syndicate (the left-wing syndication service financed by George Soros, a CFR member, former CFR director, and CFR President’s Circle donor) entitled, “Fischer, the Fed, and US Growth,” which begins:
Now that Janet Yellen is to be Chair of the US Federal Reserve Board, attention has turned to the candidate to succeed her as Vice Chair. Stanley Fischer would be the perfect choice, given his unique combination of skills, qualities, and experience.
Project Syndicate feeds columns to hundreds of newspapers and websites worldwide, guaranteeing that Frankel’s glowing pro-Fischer piece would get plenty of play. The Guardian (of London), for instance, ran it on December 27, with a new title: “Why Stanley Fischer is a great choice for the Federal Reserve."
A couple of weeks earlier, on December 12, the New York Times provided a gushing tribute entitled “Young Stanley Fischer and the Keynesian Counterrevolution” by Binyamin Appelbaum. The Times reminds its readers that Fischer helped revive Keynesian economics and make it once again fashionable, after it had fallen into disfavor among “mainstream” economists, in the 1970s. Appelbaum writes:
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Photo of Stanley Fischer: AP Images