Janet Yellen, courtesy of Slate.com. |
Nobel prize-winning economist Paul Krugman joins forces with
Senator Elizabeth Warren in supporting Janet Yellen, vice chairwoman of the
Fed’s board of governors, to head the Federal Reserve. That’s right. Neither
Krugman, nor Warren, is going along with “the Female Dollar” folks out there
who would likely support Larry Summers; Summers’ claim to fame includes charges
of sexism while serving as president of Harvard.
In his recent NY Times op ed, Krugman identifies two sexist
campaigns seeking to undermine Yellen. Krugman sets up his forceful argument on
Yellen’s behalf in his opening paragraph:
Can a woman effectively run the Federal Reserve? That
shouldn’t even be a question. And Janet Yellen, the vice chairwoman of the
Fed’s Board of Governors, isn’t just up to the job; by any objective standard,
she’s the best-qualified person in America to take over when Ben Bernanke steps
down as chairman.
Let’s start with the more extreme, open campaign. Last week,
The New York Sun published an
editorial attacking Ms. Yellen titled “The Female Dollar.” The editorial
took it for granted that the Fed has been following disastrously inflationary
monetary policies for years, even though actual
inflation is at a 50-year low. And it warned that things would get even
worse if the dollar were to become merely “gender-backed.” I am not making this
up.
True, The Sun is a marginal publication, with strong
gold-bug tendencies, and nobody would pay much attention if the rest of the
right had ignored or distanced itself from that editorial. In fact, however,
The Wall Street Journal immediately
followed up with its own editorial along the same lines, in the course of
which it approvingly quoted The Sun piece, female dollar and all.
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