Please consider this interesting exchange of open letters between Ralph Nader, the ex-candidate to the US Presidency, and Janet Yellen, Chairwoman of the US Federal Reserve. It has been heavily commented of late. I propose to look beyond controversy by relating it to one of our strategic dimensions: social unrest.

One can easily read the legitimate governance questions that surround central banks’ results (see ‘Firewalls and governance’). More specifically Mrs Yellen’s answer can be viewed as a willingness to go public and defend the central banks’ track-record. 

I suggest to read this ‘exchange of fire’ as an illustration of the power shift that is taking place between public authorities and consumers-savers-taxpayers.
It highlights the political normalization that is currently taking place along financial and real rebalancing. 

Expect further clarification requests along the road.

Have a nice reading,
Jacques

 

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