Chris Ratcliffe/Bloomberg via Getty Images

Chris Ratcliffe/Bloomberg via Getty Images

Harvard’s Larry Summers, who the Obama administration had been reportedly ready to tab as the next Chairman of the Federal Reserve as soon as last week (after floating the rumor via Japan) has apparently gotten cold feet about being blamed for the coming BIG ONE succeeding Shalom Bernanke, as Summers sent President Obama an official letter Sunday requesting his name be withdrawn from consideration for the next Chairman of the Federal Reserve.
SD predicts who will come out of nowhere to become the next Fed Chairman below

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Summers’ full withdrawal letter:

Dear Mr. President,

 

I am writing to withdraw my name for consideration to be Chairman of the Federal Reserve.

 

It has been a privilege to work with you since the beginning of your Administration as you led the nation through a severe recession into a sustained economic recovery built on policies to promote employment and strengthen the middle class.

 

This is a complex moment in our national life. I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interests of the Federal Reserve, the Administration, or ultimately, the interests of the nation’s ongoing economic recovery.

 

I look forward to continuing to support your efforts to strengthen our national economy by creating a broad based prosperity and to reform our financial system so that no President ever again faces what you and your economic team faced upon taking office in 2009.

 

Sincerely yours,

 

Lawrence Summers

1

Summers Letter

With Yellen reportedly out of the running, SD would like to suggest the next Chairman of the Federal Reserve will likely be someone SD readers can continue to love to hate as much or more as Bernanke…..

Geithner

 


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  1. Id like to submit myself for the position. However in accepting the fateful position of “Fall Guy” I require my own island in the pacific, 10 million in Gold, and 10 million in cash, and of course a nice 5k sf home built out there courtesy of the U.S. taxpayer, Free healthcare for life, and life long private armed security (courtesy of the U.S Taxpayer)
     
    OH yeah… and I want someone in the C.I.A. to tell me “WHY” there are craters on the part of the moon that faces the Earth?  The same craters men have stared at for 10 thousand years +

  2. IDGAF if it’s Summers, Yellen or a T-1000 terminator. They can’t and won’t taper. They might try a little market volatility trick to make some quick cash, but in the end paper is paper. They will print that monopoly bs and pull in all the market suckers. Just stack and stack and remember the fundamentals of why we stack. I don’t trade and I don’t care about charts. I ask people all the time “What makes America the exception to the fiat failure track record?” and I have yet to here a logical answer. Empires fall, wash, rinse & repeat. I would rather be wrong with real assets than right with fiat and stock payed out in fiat. Track record for fiat currency?????? 100% FAIL

    • I say they should get Dynamo the Magician from the UK for the job. Guy has some freaky weird tricks … he could show the Wizards of OZ at the Fed a thing or too about trickery. The problem with the Fed is it only learned 1 trick (debasement), and is stuck in a retarded fashion repeating it ad infinitum. They need to call in a pro, and I don’t think there is anyone with as much shock and awe as Dynamo, he might even be able to materialize some employment from somewhere … click his fingers and say ‘Look at Detroit again, it’s making cars’ … that would be a real miracle.
       
      The Fed Chairman’s role is becoming a pariah. Nobody wants to be tainted with the label of being the captain that stewarded the biggest ship of state into a Cyprus sized Ice Berg causing a tsunami to engulf the entire planet in fiscal chaos. They should replace him with a WebSite called www. FedSays .com and once the open market committee decides whether it will taper or not by a majority vote they could just update the site with a Thumbs Up, or a Thumbs Down. They could even send some fake results out, capitalize on it and then call it Fat Fingers. This way people will only be able to blame an inanimate faceless web site. Who needs a Fed chairman when people only need an answer on whether they are going to Taper to death or not Taper but still die.

  3. Shamus   I’ll see your 10 million and 5000 sq ft house and raise you a 25,000 sq ft house and at least $500,000,000.  I aint taking that POS job for less.  On a more serious note, My money is on Rubin or Reich.  Yellen is not quite up to the job   Rubin would be my best choice for Fed Chmn.  Just sayin’
    Or me.  At least I wouldn’t screw it up so bad.  And my home must be on that nice little island in The Seycelles right next to Prince Bandar’s palace.   Rana Island or something like that..

    • Damn it AGXIIK, stuff your poxy $500mill, pay me in Physical Gold and keep your fiat :)
      No Fed Chairman would be stupid enough to accept salary payment in USD’s would they? Why would a guy who owns a rigged poker table rock up at his own table to play with the suckers? …oh yeah, I forgot, he would be an insider and have access to the most reliable Fiat Hedging mechanisms thus his value would not decline whilst everyone elses would… Bastards!!!

  4. Summers actually told me the other day the reason he is not taking the job
    For efficiency reason they are relocating the Fed to Israel.  It has been decided that as most of the money goes to Israel it only makes sense to have the Fed located there.
     
    Summers, who is addicted to bacon sandwiches, says it’s un thinkable to relocate.

  5. Ron Paul’s pick for Fed chair: No one

    Dr. Paul would prefer we get rid of central economic planning via a central bank. All mentioned candidates believe that one person or a committee has the knowledge to dictate the correct interest rate and rate of growth of the money supply, which they do not.
    The main point is that Dr. Paul doesn’t believe the current failed policies of the Reserve would change if any of the mentioned candidates were to become Fed Chair.

    The above statement leaves open the possibility that Paul might support someone for Fed chair. But in a follow up e-mail with his spokesperson, she confirmed that Paul’s current top pick for Fed chair was, indeed, no one. If he had to pick, she said he wouldn’t.

    http://finance.fortune.cnn.com/2013/08/09/ron-paul-fed-chair/

    • @NetRanger808;
      Thanks for that. Ron Paul is one of the few sane men left with a voice.
      It is totally irrelevent whom presides over the collapse. A country printing the world’s reserve currency without a budget for several years, running on ‘extraordinary funding’ gimmics pressed against the debt ceiling gasping for air as the flood of unfunded debts rush in. Look at the entranced audience in the MSM frothing at the mouth over the ‘decision’ whom may become the next Fed Chimp. LOL!!!

  6. Ha ha, nice, the letter basically says “I’m withdrawing for reasons I can’t openly mention.”
     
    Very curious what will happen on Wednesday. My guess is no taper, as tapering is impossible; or tapering with some really bad effects to follow, but I seem to be quite alone with that opinion (SD, Zerohedge and others say different). That’s why it will be interresting.

  7. willnotbeaslave   There is method to my madness   If I said I wanted gold, they’d know I wasn’t fit to be Chmn.  So I said cash.  But if the job requires someone totally lacking in nefariousness I flunk that to  I am a former banker you know.
    If the earth was a potato and the moon was gorgonzola, there would not be more cheese on terra that Summers would load on the Fed.  And he brings his own chives.  I seem to recall that during his tenure at Harvard his investments in the Harvard Foundation were to bad they actually lost money.  That takes some doing.  He is the epitome of the old say  in gummint.  “Screw up and move up”

  8. For clarification, I think Robert Rubin could be tapped as the next Fed Chief to ride out the next three years, then resign after the next President, Hillary, is sworn in. Republicans will lose based on quality of candidates. I am already sickened with a field of candidates as Santorum, Trump, Perry, Cruz, or Paul, giving the Democrats the WH again. Rubin would calm the markets as caretaker giving the next President the power fill his seat. Why? After 2014 mid term elections, the GOP could have the Senate which would hurt the confirmation process.
    Ok? Other than that brilliant strategy (thank you), Jeremy C. Stein will be our next Chairman of the Federal Reserve one way or the other, and probably be named by the WH soon.

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