Stanley Fischer update

Formerly a famous macroeconomist at MIT, he now runs the central bank of Israel and he just won a Euromoney award for best central banker of the year.

Jacob Frenkel argues that Fischer's shekel-selling policies are unsustainable.  Here is another account.  Israel foreign currency reserves now exceed $66.3 billion, in part because of Fischer's decision to buy up so many dollars and keep down the value of the shekel.

Here, Fischer complains that the Israeli economy is dominated by a few families and excessively concentrated wealth.  He wants the government to remedy this situation, although it is hard to tell which policy he is proposing.


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