As the US closes in on the presidential election, one point has become very clear.
Come the end of January next year, the US will have a new economic team in place.
Of course the first pick is Treasury Secretary, but the second most important pick is who will lead the Federal Reserve.
Regardless of who wins the election there will be a new Federal Reserve chief. Janet Yellen will be given a wonderful retirement party and asked to go find a professor’s job at some Ivy League school, that much is true.
The Clinton team will probably name Larry Summers as the new Fed head, which puts a more globalist view on the central banker’s agenda. Summers was Treasury Secretary under President Bill Clinton.
Donald Trump’s choice is a little more open, but the thought is that his pick will have a more nationalistic view of the Fed.
One name that could come up is Minneapolis Fed President Neel Kashkari, a Republican, who ran for Governor of California.
Like all other aspects of the presidential election, the general theme is the Clinton’s global emphasis versus Trump’s nationalistic bent.
The bigger question should be the world’s cop, banker, and army and can we afford to do that with $20 trillion in debt and citizens here suffering?