Welcome to Dartmouth's most influential daily
Each day, Dartblog and its team of alumni and students bring you news and commentary from Hanover and the world at large. Read our iPhone edition here.
This is an archived post. Please click here to see the latest entries.
So who is the world’s best central banker? According to widely read Forex Live, the heavyweight champion of the world of finance is none other than the College’s Danny Blanchflower.
In 2008 Danny had the courage to go against the conventional wisdom both in the private deliberations of Britain’s Monetary Policy Committee (the U.K.’s equivalent of the Federal Reserve’s Open Market Committee) and in public, too. His unflinching prediction that the U.K. faced the mother of all recessions — and therefore interest rates should be lowered, even though inflation seemed to be on the rise — was initially viewed skeptically. But he was right, and for his prescience and nerve Blanchflower earned superstar status in the U.K. and a medal from the Queen.
Today he is all over the media: he writes a weekly column in The Independent, a bi-weekly column in The New Statesman, and he offers commentary and analysis on Bloomberg TV on a regular basis. Blanchflower’s reputation is such that Bloomberg’s Tom Keene recently suggested that if the U.K. could choose Canada’s central banker Mark Carney to determine its monetary policy, then the U.S. could well pick Danny — a Brit — to replace Ben Bernanke at the Fed. Here’s Forex Live’s commentary:
1. BOE MPC member David Blanchflower (2006-2009)
It’s tough to love a dove.
Hawks get all the respect in central banking; they are the ‘adults’ who warn about the long-term effects of looser policy now. Being a dove is equated with a panicky, worrisome personality.
Enter the crisis: The global financial system was collapsing yet so many central bankers were looking at lagging CPI numbers, warning about inflation. Most of them should have been dragged out of office years ago for their ineptitude.
Blanchflower was voting for rate cuts for a full year before the Bank of England finally figured out the global economy was in trouble (after Lehman collapsed).
He is a poor diplomat and has made enemies by repeatedly criticizing the Mervyn King-led Bank of England but he is out there (on twitter) telling it the way he sees it.
On my list, a central banker is like a foreign exchange trader — credits for style are secondary, being right is what counts. Not many central banks saw the crisis as clearly as Blanchflower.
I agree that Danny is a poor diplomat. We certainly can’t have people like him criticizing our leaders in public, no matter how inept they are and how damaging their actions. I mean, really! Who does he think he is? As readers of this space well know, the values of circumspection and politesse should always trump telling the scratchy truth.
August 14, 2013
Breaking: Of Crips and Bloods and Memories of Ghetto Parties
History repeats itself, first as tragedy and then as farce, or sometimes it just repeats itself. From the New York Times on November 30, 1998: At Dartmouth College, white students at a ”ghetto party” dressed…
June 25, 2013
Dean of the College Charlotte Johnson’s War on Students Part (2/2)
Part 1, Part 2 Today’s post again recounts the events that befell the Freshman. However, the content of the Hanover Police department report reproduced in this space yesterday is supplemented by information from my own…
October 18, 2009
When Love Beckoned in 52nd Street
We were at San Francisco’s BIX last evening, enjoying prosecco, cheese, and a bit of music. A full year of inhabitation in Northern California has unraveled to me no decent venue for proper lounging, but…
October 9, 2009
D Afraid of a Little Competish
So our colleague and Dartblog writer Joe Asch informed me that the D has rejected our cunning advertising campaign. Uh-oh. The Dartmouth is widely known as a breeding ground for instant New York Times successes,…
September 4, 2009
How Regents Should Reign
As Dartmouth alumni proceed through the legal hoops necessary to defuse a Board-packing plan—which put in unhappy desuetude an historic 1891 Agreement between alumni and the College guaranteeing a half-democratically-elected Board of Trustees—it strikes one…
August 29, 2009
Election Reform Study Committee
If you are an alum of the College on the Hill, you may have received a number of e-mails of late beseeching your input for a new arm of the College’s Alumni Control Apparatus called…