Adam S. Posen
The Navigator
Judgement in the fog, money, risk and the call others cannot make.
Adam S. Posen reads as The Navigator because he leads by orienting rather than commanding. As president of the Peterson Institute for International Economics, he measures influence with a realist's candor, calling it a batting average, not a scoreboard.
“Central banks hadn't been transparent enough and under Greenspan that was an issue. Central banks had been a little too discretionary and this is how you ended up with the weekend of Bernie's problem that if Greenspan died they wanted to prop him up because there was too much faith in an individual.”
“He was totally Ayn Rand on regulation, as my late colleague Mike Musa, a former U Chicago professor, once said, you know, you don't want a conscientious objector as the commandant of the Marine Corps. You don't want Alan Greenspan as the lead regulator or supervisor in the U.S. financial system. And I thought that was brilliant.”
“Plus, my research background had a lot to do with both monetary policy and what had gone wrong in Japan. So I was seen as relevant. Anyway, long story short, after I was appointed, but before I went over, I attended a party bizarrely with members of the Federal Open Market Committee, including Jellen and Bernanke.”
“Happened upon the fact that a bunch of other central banks, including the Bank of England, the Reserve Bank of New Zealand, the Bank of Canada, Reserve Bank of Australia, had moved to this thing called inflation targeting.”
Masters in Business: “Adam S. Posen on the Need for Fiscal Stimulus (Podcast)”
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