(Washington, DC) American Principles in Action, a conservative advocacy organization that promotes sound money, has introduced a website, NoOnYellen.com, and ad opposing the nomination of Janet Yellen to head the Federal Reserve. The group plans to spend $25,000 running the 2-minute clip and others on various financial websites.
They give 10 reasons to oppose Janet Yellen:
- She believes more inflation can be a “wise and humane policy” despite that fact that it robs us of our purchasing power.
- She has served as Ben Bernanke’s deputy since 2010 and persuaded him to continue the Fed’s experiment with zero interest rates and quantitative easing.
- She believes in the discredited Phillips curve of the 1970s, which says that inflation and employment are correlated.
- She persuaded the Federal Reserve to adopt an official 2 percent inflation target, which means the dollar loses half of its value over the course of a worker’s career.
- She believes a 1 percent decline in inflation equals 4.4 percent loss in economic growth, despite no evidence that a lower inflation rate harms the economy.
- She was Bill Clinton’s top economic advisor in the White House for two years.
- In 2005 she said the collapse of the housing bubble could “feel like a good-sized bump in the road, but the economy would likely be able to absorb the shock
- Senators like Dick Durbin, Patty Murray, Elizabeth Warren and Sherrod Brown preemptively urged President Obama to nominate Yellen.
- Left-wing economists like Joseph Stiglitz and Alan Blinder supported her nomination preemptively as well.
- Yellen is the intellectual leader of her generation for higher inflation.
You can watch the ad below:
The piece features James Grant, the author and founder of Grant’s Interest Rate Observer, Daniel Oliver, founder of Myrmikan Capital and director of the Committee for Monetary Research and Education, and Sean Fieler, president of Equinox Partners and Chairman of American Principles Project, the 501C(3) affiliate of APIA.
“Janet Yellen would be a perfect candidate for running the post office,” Grant says in the clip. “As it is she is up for chairmanship of the Fed, in which she would de enormous damage.”
“Janet Yellen is an enormously well-credentialed economist who also happens to be an inflationist who should not be allowed to run the Federal Reserve,” Fieler says. “Janet Yellen’s idea that inflation is somehow humane seems totally at odds with history.”
APIA economics director Rich Danker said, “There’s a lot of reasons to vote ‘No’ on Janet Yellen: she believes more inflation leads to more jobs, she served on the Fed through the Greenspan-Bernanke housing bubble creation, she wants to use the central bank to fine-tune the economy. The goal of the ad and NoOnYellen.com is to make it clear that any Senator considering voting to confirm Janet Yellen risks being on the wrong side of history.”
The petition can be signed at NoOnYellen.com.