Tags: Krugman | Yellen | Fed | sexist

Krugman: Attacks on Yellen Are 'Raw Misogyny'

Friday, 02 Aug 2013 09:55 AM

By Michael Kling

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New York Times columnist Paul Krugman sees two sexist campaigns against Janet Yellen as successor to Ben Bernanke as Federal Reserve chairman.

"One is a whisper campaign whose sexism is implicit, while the other involves raw misogyny," Krugman writes in his New York Times column.

Yellen, Federal Reserve vice chairman, is viewed as one of the frontrunners to replace Bernanke when his term expires in January.

Editor’s Note:
Will This Video Get Obama Fired? See the Evidence.

Krugman takes issue with The New York Sun editorial "The Female Dollar" that warns of inflation if the dollar were to become "gender backed" as well as a subsequent editorial in The Wall Street Journal that he says "approvingly quoted The Sun Piece, female dollar and all."

The other, subtler campaign he sees entails suggestions, usually off the record, that she lacks the gravitas to lead the Fed. Yellen's resume, he notes, features distinguished academic work, experience as leader of the Council of Economic Advisers, six years as president of the San Francisco Fed and work on the Fed's Board of Governors.

"Would anyone suggest that a man with those credentials was somehow unqualified for office? Sorry, but it’s hard to escape the conclusion that gravitas, in this context, mainly means possessing a Y chromosome."

Plus, the attacks on Yellen are based on bad economic analysis, writes Krugman, a Nobel Prize-winning economist. "In the case of the 'female dollar' types, the wrongheadedness of the economics is as raw and obvious as the sexism."

Those who have accused the Fed of debasing the dollar and causing rampant inflation that's ready to erupt any day now have been repeating their warnings for the last five years. Although they've been repeatedly wrong, they show no sign of admitting their mistakes or revising their views, Krugman explains.

"They are, in short, the last people in the world you should listen to when it comes to monetary policy."

The Sun and The Wall Street Journal editorials complain that liberal Democrats are pushing for Yellen because of her gender at the expense of monetary policy.

"As an economist with long experience at the Fed, she doesn't lack for professional credentials," the Journal states. "But her cause has been taken up by the liberal diversity police as a gender issue because she'd be the first female Fed chairman."

Editor’s Note: Will This Video Get Obama Fired? See the Evidence.

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