Sunday, May 29, 2011

Dark Horse and a Bright Quote

The IMF needs a new leader for some reason or another. Conventional wisdom and vote counting point to French Finance Minister Christine Lagarde and then to a distant second of Mexico's Central Bank Governor Agustin Carstens.

However, Stanley Fischer, governor of the central bank of Israel, is also tossing his hat in the ring. (Fill in conspiracy theory here...)

But the real piece of news that I find fascinating is that in the Wall Street Journal article about Mr. Fischer, the reporter rightly points to the built in opposition that will inveitably surface within the Arab and emerging markets. But here is the sweet part.

George Abed, former head of the Palestinian Monetary Authority said this in an exchange with the WSJ via email:
Mr. Fischer is "the most qualified of all the candidates that I have seen mentioned din the media so far," calling Fischer "pragmatic, politically savvy, and a skilled manager."

Now this isn't an endorsement nor is it glowing but it is powerful.

In the real world, outside of college campus rallies and Washington think tanks, economics are key. Rhetoric and vitriol are fine and dandy, but wait until you can't buy a gallon of milk or bread cost as much rent. Then you will see real revolution. The fact that the guy in charge of the money of his enemy is willing to say he is the best for the job is a really powerful statement.


Anonymous said...

you misspelled Horse.

dcc said...

thanks mom! I fixed the title but not the URL as punishment (and to keep the links working.)