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: Boris Johnson has a meltdown in car crash interview on the Queen’s Speech

“Hang on a second…errr…I’m sorry, I’m sorry.”

“Hang on a second,” Boris Johnson sighed. On air, you could hear the desperate rustling of his briefing notes (probably a crumpled Waitrose receipt with “crikey” written on it) and him burbling for an answer.

Over and over again, on issues of racism, working-class inequality, educational opportunity, mental healthcare and housing, the Foreign Secretary failed to answer questions about the content of his own government’s Queen’s Speech, and how it fails to tackle “burning injustices” (in Theresa May’s words).

With each new question, he floundered more – to the extent that BBC Radio 4 PM’s presenter Eddie Mair snapped: “It’s not a Two Ronnies sketch; you can’t answer the question before last.”

But why read your soon-to-be predecessor’s Queen’s Speech when you’re busy planning your own, eh?

Your mole isn’t particularly surprised at this poor performance. Throughout the election campaign, Tory politicians – particularly cabinet secretaries – gave interview after interview riddled with gaffes.

These performances were somewhat overlooked by a political world set on humiliating shadow home secretary Diane Abbott, who has been struggling with ill health. Perhaps if commentators had less of an anti-Abbott agenda – and noticed the car crash performances the Tories were repeatedly giving and getting away with it – the election result would have been less of a surprise.

I'm a mole, innit.

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