John Embry: Gold and the greenback

Section:

By Brendan Murray
Bloomberg News Service
Friday, April 1, 2005

http://www.bloomberg.com/apps/news?
pid=10000087&sid=akCuaGpZr1Y8&refer=top_world_news

WASHINGTON -- Federal Reserve Governor Ben S. Bernanke is President
George W. Bush's pick to become the next chairman of the
administration's Council of Economic Advisers, the White House said
in a statement.

Bernanke, 51, joined the Fed's policy-setting board in August 2002
and has voted with its majority each time since the benchmark
interest rate was cut to a four-decade low of 1 percent and raised
starting in June. His speeches move bond markets more often than any
Fed official except those of Chairman Alan Greenspan.

"I am honored by the president's intention to nominate me,"
Bernanke, a Princeton economics professor, said in a statement. "I
look forward to this new opportunity."

Bernanke will remain at the Fed while the Senate considers his
nomination and, during that process, won't vote on monetary policy
matters or attend meetings of the central bank's policy-setting
Federal Open Market Committee, Fed spokeswoman Michelle Smith said.

His work with the Bush administration may boost his chances of
succeeding Greenspan once the chairman steps down next year, said
analysts such as Douglas Lee of Economics From Washington, a private
consulting firm in Potomac, Maryland.

Greenspan, 79, was chairman of the council in the Gerald Ford
administration from 1974 to 1977. Greenspan's non-renewable term as
a Fed governor expires Jan. 31, 2006.

Harvey Rosen currently holds the top job at the council, taking over
after Harvard economist Greg Mankiw returned to teaching in
February.

"This is a top-notch appointment," said former Federal Reserve
Governor Lyle Gramley, now a senior economic adviser at the Stanford
Washington Research Group. "He has experience in the practical
affairs of monetary policy, and he's certainly going to be one who
will support anti-inflationary policies."

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