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September 13, 2016 | Atlanta Fed President Lockhart Resigns: I throw My Hat Into the Ring

Mike 'Mish' Shedlock

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

Atlanta Federal Reserve President Dennis Lockhart Will Step Down effective February 28, 2017. Click on the link for the complete text, but it does not say much other than “It has been an enormous privilege to serve as president of the Federal Reserve Bank of Atlanta.”

It also says the a “committee will conduct a nationwide search, seeking a diverse slate of candidates to replace Lockhart as president of the Atlanta Reserve Bank. The Bank has retained Spencer Stuart, an executive search firm, to assist in this important effort.”

I throw my hat into the ring.

Changing the Beast

James Grant, when asked what he would do if appointed Fed Chairman, replied “resign”. My approach would be completely different.

To change or kill the beast you have to do so from within. Here is a great clip that explains all you need to know.

I posted that clip in Why Did the UK Enter the EU in the First Place?

First Things First

As Atlanta Fed president, the first thing I would do would be to cut my salary to zero. This would send a clear signal as to what the job was really worth.

Next, I would take every opportunity to make speeches on why the Fed should be disbanded. I would point out the all the mistakes the Fed had made and who befitted from them. I would attack economic theory of the other Fed governors and presidents at every opportunity.

Surely this service would be far more valuable than any service provided by any Fed member now, but I would do all this for free.

Mike “Mish” Shedlock

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September 13th, 2016

Posted In: Mish Talk

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