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As financial turmoil in Europe threatened to overwhelm the region’s banks last November, Bank of England Governor Mervyn King arranged conference calls with the world’s top central bankers to decide what steps to take.
The result: Six leading monetary authorities agreed to make it cheaper for financial institutions outside the U.S. to borrow dollars in emergencies. The funding squeeze on European banks eased and stocks worldwide rallied.
The Nov. 30 plan could be created and announced quickly because “we trust each other,” King told reporters the following day in his role as chairman of the bankers’ group.
For some, that trust has a common source: three of the six banks are led by economists who studied or taught at the Massachusetts Institute of Technology in the late 1970s and early 1980s. Then, as now, the emphasis was on what former MIT professor and now Bank of Israel Governor Stanley Fischer describes as “economics about the real world.”
The MIT central bankers represent “an extraordinary level of policy influence for any one economics department,” said James Poterba, president of the National Bureau of Economic Research, which is responsible for dating the beginnings and endings of U.S. recessions. “I’m trying to think about what was in the water.” He was head of the economics department from 2006 to 2008 and is still a faculty member.
Adjoining Offices
At MIT, King, 63, and then-professor Ben S. Bernanke, 58, had adjoining offices in 1983, spending the early days of their academic careers in an environment where economics was viewed as a tool to set policy. Earlier, Bernanke and European Central Bank President Mario Draghi, 64, earned their doctorates from the university in the late 1970s, Draghi with a thesis entitled “Essays on Economic Theory and Applications.”
Fischer, 68, advised Bernanke’s thesis on “Long-Term Commitments, Dynamic Optimization and the Business Cycle,” and taught Draghi. Greek Prime Minister and former ECB vice president Lucas Papademos and Olivier Blanchard, now chief economist for theInternational Monetary Fund in Washington, earned their doctorates from MIT at about the same time.
Other monetary policy makers who have passed through MIT’s doors include Athanasios Orphanides, head of the Central Bank of Cyprus, Duvvuri Subbarao, governor of the Reserve Bank of India and Charles Bean, King’s deputy in the U.K.
Central banking is filled with former attendees of the Cambridge, Massachusetts, university not just because it was and is one of the world’s top schools for economics.
3 comments:
One of the many reasons I liked Dmitry Orlov's book "Reinventing Collapse" is because he skewered the elite universities which graduate so many members of America's ruling class. He lives in the Boston area now, so he is close to the Harvard/Yale nexus and observes it closely. Much of his ire is aimed at the University of California in Berkeley, which contrary to its lefty reputation, is home to a lot of future toffee-nosed students whose main aim is to get their tickets punched for entry into the state's elite. Berkeley is also home to the physics lab where American nuclear weapon technology is thought up.
Orlov's point is that these schools like MIT don't train people to THINK, they train them to operate within the system. Therefore, the world winds up with interconnected gombeen men like the execrable examples cited in the article QB excerpted.
The maggot banksters think they have everyone bamboozled with that egghead crap. What was the quote from the poster on Housing Panic? Something along the lines of ...juices snapping, roasting nicely...
Bukko it is like the psychopaths running the asylum. They are heartless and cold. Everything they touch turns to stone. They cannot see the carnage that they spread around the world and couldn't care less if they did. Control and power over others is all that matters to them. Just as a serial killer does over their victims.
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