With Obama it’s all Marx, all of the time.
It tells you a lot that Yellen loves to hob nob with the socialist clowns of Europe, who are letting inflation rise here (as well as in the U.S., pretty much at the same rate). Here’s a video of top financial analysts voicing their opposition to the nomination of Yellen to the chair of the Federal Reserve Bank.
Finance Minister Jutta Urpilainen has become the first finance minister to meet with US Fed Chair-nominee Janet Yellen since President Barack Obama named her to take over as head of the US central bank.
Urpilainen says Yellin retains solid confidence in the US economy despite the current political deadlock over the budget and debt.
“She told me she is sure that a solution to the political standoff will be found,” Urpilainen said in Washington.
“I think I was the first finance minister to meet with her since her nomination. We agreed to keep in touch,” says Urpilainen.
On the sidelines of the IMF/World Bank/G-20 meetings in Washington on Friday, the two resumed an acquaintance that began during a visit by Yellen to Helsinki a couple of years ago.
The two women sat together at a May 2011 conference marking the bicentennial of the Bank of Finland. Yellin was the keynote speaker at the event.
Remembering the summer of ‘78
The Finnish central bank’s governor, Erkki Liikanen, invited her to speak, knowing that she had a long-running connection with Finland.
“Yellen spent the summer of 1978 in Finland, including Midsummer in the Aulanko nature conservation area,” Liikanen told Yle’s Washington correspondent.
The future central banker originally came to Finland as assistant to the late economist and Fed Governor James Tobin, best known for his suggestion of a “Tobin tax” on foreign exchange transactions.
Tobin taught a course for researchers in Finland organised by the Yrjö Jahnsson Foundation. Other lecturers in the series included Nobel laureate Kenneth Arrow and former World Bank chief economist Stan Fisher.
“When Yellin was here for the Bank of Finland’s anniversary, we tried to interest the Finnish media in interviewing her, but no-one was interested,” says Liikanen with a rueful laugh.
Yellen is expected to take over as head of the Federal Reserve in February.
The main meetings of the 188-nation International Monetary Fund and its sister lending organization, the World Bank, are being held on Saturday.
Rehn: Recognition and encouragement for EU
Also participating is EU economic commissioner Olli Rehn. Like Urpilainen, he expressed relief that the EU’s economic problems are not dominating this year’s meetings as they have in the past few years.
“This time we have received recognition and encouragement from our partners, encouragement to continue the structural reforms that are underway in the EU,” he told Yle.
Also attending the IMF meetings in Washington this week was outgoing Minister for International Development Heidi Hautala. She was summoned back to Helsinki by the prime minister due to a furore over Greenpeace protests on state-owned icebreakers, which resulted in her recognition on Friday. YLE