Jackson Hole Symposium: Ben Bernake cements Fed's dedication to boosting employment

Then scuttles off for barbecue and line-dancing

 

Ben Bernake, chairman of the US Federal Reserve, just announced to fellow economists that the American central bank is renewing its duty to spur job growth through quantitative easing.

Jackson Hole, Wyoming, has hosted the annual Federal Reserve Symposium since 1982, and is famous for its world-class fly-fishing conditions (this is what supposedly made Volcker – as in the Volcker Rule – start attending) and provides a scenic backdrop for some very serious chat. However, Jackson Hole also provides a leisurely escape for some of the world's most consequential decision-makers. As Businessinsider notes:

Jackson Hole provides a nice opportunity for central bankers to let down their hair a bit — only figuratively speaking, of course — and mingle with other members of their tribe and a few academics in an informal setting," says Eswar Prasad, a Cornell University professor who will speak on a Jackson Hole panel this year.

A notable absence this year is Mario Draghi, president of the ECB, who will be missing out on this afternoon’s barbecue shenanigans where "some of the world's most high-powered economists don cowboy hats, string ties and other Western gear and sometimes join in a line dance". 

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Listen: Schools Minister Nick Gibb gets SATs question for 11-year-olds wrong

Exams put too much pressure on children. And on the politicians who insist they don't put too much pressure on children.

As we know from today's news of a primary school exams boycott, or "kids' strike", it's tough being a schoolchild in Britain today. But apparently it's also tough being a Schools Minister.

Nick Gibb, Minister of State at the Department for Education, failed a SATs grammar question for 11-year-olds on the BBC's World at One today. Having spent all morning defending the primary school exams system - criticised by tens of thousands of parents for putting too much pressure on young children - he fell victim to the very test that has come under fire.

Listen here:

Martha Kearney: Let me give you this sentence, “I went to the cinema after I’d eaten my dinner”. Is the word "after" there being used as a subordinating conjunction or as a preposition?

Nick Gibb: Well, it’s a proposition. “After” - it's...

MK: [Laughing]: I don’t think it is...

NG: “After” is a preposition, it can be used in some contexts as a, as a, word that coordinates a subclause, but this isn’t about me, Martha...

MK: No, I think, in this sentence it’s being used a subordinating conjunction!

NG: Fine. This isn’t about me. This is about ensuring that future generations of children, unlike me, incidentally, who was not taught grammar at primary school...

MK: Perhaps not!

NG: ...we need to make sure that future generations are taught grammar properly.

I'm a mole, innit.