by Mish

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

Atlanta Fed GDPNow +2.8% vs. New York Fed Nowcast +1.2%

Following today’s retail sales alleged blowout, to which treasury yields actually declined, comes a big GDP upgrade by the Atlanta Fed GDPNow Model vs. a smaller jump by the New York Fed Nowcast Model.

Conversations with New York and Atlanta Fed Senior Economists on Their GDP Models

I had had recent phone and email conversations with senior economists at the New York Fed and Atlanta Fed regarding their GDP forecasts.

Down the Rabbit Hole: SF Fed President John Williams Seeks “Direct Attack” on Low Inflation

San Francisco Fed president John Williams has been yapping about the need for interest rate hikes, 4% inflation targets, and Fed-set GDP growth targets.

Fed vs. Fed: New York Fed to Issue Its Own GDP Nowcast; Atlanta Fed Too Pessimistic?

It’s Fed vs. Fed in the Nowcasting business. The New York Fed has decided to issue a FRBNY Nowcast, clearly in competition with the Atlanta Fed GDPNow forecast.

Fed “Mystified” Why Millennials Still Live at Home; My Answer May Surprise You

A New York Fed research paper wonders What’s Keeping Millennials at Home? Is it Debt, Jobs, or Housing?

US “A Little Beyond Full Employment” Says San Francisco Fed President

The US economy is so good it’s beyond full employment and above potential says John Williams, the San Francisco Fed president.

Dallas Fed President Sees "No Movement" in the Fed Funds Rate

Dallas Fed President Robert Kaplan made some interesting comments today on interest rates, repos, and the coronavirus.

Watershed Moment – Spain to Send in Troops on Cruise Liners:Catalonia President Says Vote Will Go On

Catalonia president Carles Puigdemont responded that the Spanish government actions are ‘beyond the limits of a respectable democracy’ but vote will go ahead. Will it?

EU Parliament President Martin Schulz Unexpectedly Resigns for Possible Run Against Merkel

German chancellor Angela Merkel faces a serious new threat in her bid to stay chancellor of Germany for a fourth term.