Surprise choice for Bank governor

26 November 2012 Last updated at 13:00 ET

Mark Carney: “I am very honoured and excited”

Mark Carney has been named as the new governor of the Bank of England by Chancellor George Osborne.

Mr Carney, the governor of the Canadian central bank, will serve for five years and will hold new regulatory powers over banks.

He was a surprise choice for the head of the UK’s central bank and had previously ruled himself out.

The post is seen as one of the most important positions in the stewardship of the UK economy.

Current governor Sir Mervyn King steps down from the post next June.

Sir Mervyn said Mr Carney represented “a new generation of leadership for the Bank of England, and is an outstanding choice to succeed me”.

‘Critical time’

Mr Osborne told Parliament that Mr Carney, 47, would bring the “strong leadership and external experience the Bank needs” and added that the Canadian would apply for British citizenship.

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Mr Osborne regarded Mr Carney as the central banking equivalent of Sir Alex Ferguson or Pep Guardiola”

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He said Mr Carney was acknowledged as “the outstanding central banker of his generation”.

During Mr Carney’s five years as governor in Canada, Mr Osborne said he was “acknowledged to have weathered the economic storm better than any other major Western economy”.

Mr Carney said he was “honoured to accept this important and demanding role” at a “critical time for the British, European and global economies”.

He will serve in his current post until May next year. Mr Carney said he was “not without ties” to the UK – his wife is a dual national of the UK and Canada.

Shadow chancellor Ed Balls welcomed the incoming governor as a “good choice, good judgement”.

Andrew Tyrie, chairman of the Treasury Select Committee, told the BBC that Mr Carney “ticks all the boxes” but added that his committee would question him on matters such as how he will approach macro-prudential stability and what his views on quantitative easing are.

The British Chambers of Commerce said it hoped that the new governor would “focus relentlessly on supporting business growth across the UK – not just in the Square Mile”.

The CBI said Mr Carney’s “strong track record as the Canadian central bank governor and extensive experience in international financial regulation mean that he is well positioned to guide Britain through challenging economic times”.

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Mark Carney

• Educated at Harvard and Oxford


• Spent 13 years with the investment bank Goldman Sachs


• Has a British wife


• Currently serves as chairman of the Financial Stability Board


• Fluent French speaker

Pay package

The term for a Bank governor is eight years. But the chancellor told Parliament that Mr Carney indicated he intended to serve for five years and to stand down at the end of June 2018.

“Mr Osborne was keen to get his preferred central governor, because Mr Carney was widely perceived to have all the bits: he is admired by monetary economists, regulators and – allegedly – his staff (or to put it another way, he is an unusual economist and central banker, in that he is seen as a half-decent manager),” the BBC’s business editor Robert Peston said.

The governor of the Bank chairs the monetary policy committee, which has responsibility for setting interest rates in the UK.

Following the government’s decision to scrap the Financial Services Authority and hand some of its responsibilities to the Bank, the governor will also oversee important regulatory powers as well.

Other candidates for the post included Bank deputy governor Paul Tucker, FSA chairman Lord Turner, Sir John Vickers, who led the government’s recent review into breaking up the banks, and Santander bank’s UK chairman Lord Burns.

Mark Carney ruling himself out of the position on HARDtalk in August 2012

Mr Tucker, who has spent most of his career with the Bank, was seen by many as the favourite for the job.

The BBC understands that Mr Carney will be offered a total pay package of about £624,000 a year.

Sir Mervyn’s salary is £305,000 a year, but he receives much more generous pension contributions making his total pay and pension package worth about £519,000.

Mr Osborne also announced the re-appointment of Charlie Bean as Bank of England deputy governor for monetary stability for a further year until the end of June 2014.

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Dog days in Cuba: from shih tzus to schnauzers

HAVANA (AP) — The Cuban capital has played host to political summits and art festivals, ballet tributes and international baseball competitions. Now dog lovers are getting their chance to take center stage.

Hundreds of people from all over Cuba and several other countries came to a scruffy field near Revolution Plaza this past week to preen and fuss over the shih tzus, beagles, schnauzers and cocker spaniels that are the annual Fall Canine Expo’s star attractions. There were even about a dozen bichon habaneros, a mid-sized dog bred on the island since the 17th century.

As dog lovers talked shop, the merely curious strolled the field, checking out the more than 50 breeds on display while carefully dodging the prodigious output of so many dogs.

The four-day competition, which ended Sunday, included competitions in several breeding categories, and judges were flown in from Nicaragua, Colombia and Mexico.

“This is a small, poor country, but Cubans love dogs,” said Miguel Calvo, the president of Cuba’s dog federation, which organized the show. “We make a great effort to breed purebred animals of quality.”

Winners don’t receive any trophy or prize money, but that doesn’t mean the competition is any less fierce.

Anabel Perez, owner of a cocker spaniel named Lisamineli after the U.S. actress, spent more than half an hour coifing the dog’s hair in preparation for the competition, while the owner of a shih tzu named Tiguer meticulously brushed his coat nearby.

“I’m a hairdresser for humans,” explained Tiguer’s owner, Miguel Lopez. “So it’s easy for me. I like shih tzus because they are a lot of work to keep well groomed.”

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Saudi telco regulator suspends Mobily prepaid sim sales

(Reuters) – Saudi Arabia‘s No.2 telecom operator Etihad Etisalat Co (Mobily) has been suspended from selling pre-paid sim cards by the industry regulator, the firm said in a statement to the kingdom’s bourse on Sunday.

Mobily’s sales of pre-paid, or pay-as-you-go, sim cards will remain halted until the company “fully meets the prepaid service provisioning requirements,” the telco said in the statement.

These requirements include a September order from regulator, Communication and Information Technology Commission (CITC). This states all pre-paid sim users must enter a personal identification number when recharging their accounts and that this number must be the same as the one registered with their mobile operator when the sim card was bought, according to a statement on the CITC website.

This measure is designed to ensure customer account details are kept up to date, the CITC said.

Mobily said the financial impact of the CITC’s decision would be “insignificant”, claiming data, corporate and postpaid revenues would meet its main growth drivers.

The firm, which competes with Saudi Telecom Co (STC) and Zain Saudi, reported a 23 percent rise in third-quarter profit in October, beating forecasts.

Prepaid mobile subscriptions are typically more popular among middle and lower income groups, with telecom operators pushing customers to shift to monthly contracts that include a data allowance.

Customers on monthly, or postpaid, contracts are also less likely to switch provider, but the bulk of customers remain on pre-paid accounts.

Mobily shares were trading down 1.4 percent at 0820 GMT on the Saudi bourse.

(Reporting by Matt Smith; Editing by Dinesh Nair)

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Detecting Cancer…With a Cellphone?

Smartphone technology is often seen as much of nuisance as it is a convenience, but having that kind of communicative power at our fingertips has a surprising advantage; it’s serving as a bridge, bringing  healthcare to third world countries that had previously been too remote and too costly to reach.

The Kilimanjaro Cervical Screening Project is spearheading one use of smartphone technology in a way that’s surprisingly simple, but could end up saving thousands of women’s lives.

Armed with screening kits, treatment tools and cellphones, teams of non-physician medical workers will visit remote locations in rural Tanzania to screen women for cervical cancer. Instead of the swab method used in the typical Pap smear, workers will use their cellphones to photograph a patient’s cervix, text the image to a physician and then receive back a diagnosis and treatment recommendation.

But can it really be that simple? Dr. Karen Yeates of Queen’s University, who is the lead investigator of the project, told CNN, “That’s the beauty of it — for early grade cancers, those will be able to be treated right in the field, right in the rural area.”

According to the World Health Organization (WHO), rates of cervical cancer in Africa are up to ten times those in developed countries, and among those diagnosed, about 50,000 women die from it annually.

Though cervical cancer has very low mortality rates in developed countries like the U.S., that’s generally due to regular screenings which catch the disease in its earliest and most treatable incarnations. However, in countries like Tanzania, women in remote villages obviously don’t have access to those types of preventative measures. Subsequently, the WHO estimates that by the time most African women are diagnosed with the disease, they’ve already advanced into its latest fatal stages. But regular screenings could put a stop to that. 

In addition to addressing reproductive healthcare, cellphones are as of late becoming facilitators of cardiac care in developing countries as well. Earlier this year, high school student Catherine Wong discovered how to turn her cellphone into a portable ECG machine, bringing heart monitoring capabilities to the most remote locations with results that could be beamed to doctors no matter how far away.

The Kilimanjaro Cervical Screening Project is gaining some notoriety because it’s recently become one of the 68 finalists in Canada’s Grand Challenges, a fund awarded to medical innovators who’ve invented new systems or products to bring healthcare to the poorest parts of the world. As a finalist, the Kilimanjaro Project has been granted $ 100,000, allowing it to begin its initial trials.

So much of good healthcare rests on the early detection of illness and now that geography and cost aren’t the impediments they once were, patients in developing countries have real opportunities to survive illnesses once believed to be fatal. 

Do you expect that “mobile healthcare” may eventually become the standard method of care in countries like the U.S. as well? Let us know what you think about it in the Comments.

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A Bay Area native, Andri Antoniades previously worked as a fashion industry journalist and medical writer.  In addition to reporting the weekend news on TakePart, she volunteers as a web editor for locally-based nonprofits and works as a freelance feature writer for TimeOutLA.com. Email Andri | @andritweets | TakePart.com

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Hostess CEO: Why I’m Shutting Down Twinkies

I made the decision to liquidate Hostess last night (Nov. 15). A number of factors have contributed to this. Hostess is 93 percent unionized, and it’s been formed by a number of acquisitions over the decades; a lot of old rules were just grandfathered into contracts from companies that no longer exist. There were all these crazy work rules, like one driver can only drive cake and the other can only drive bread. Hostess went through bankruptcy in 2004 and not enough work was done in that filing to deal with these issues.

I hear that the push toward healthier food is what did us in, but that hasn’t affected us at all. Why do you have chocolate companies? How do you explain doughnut shops when doughnuts haven’t changed in 100 years? We were north of $ 2 billion a year in sales. They weren’t the problem, our cost structure was.

I came on board at Hostess in February, and I was stunned by how little had been accomplished. We managed to make a deal with the Teamsters but the bakers didn’t support what they’d agreed to. I told them that if there’s going to be a strike over the negotiations, we won’t be able to withstand it and we have to liquidate. But I don’t think they believed us. We had 36 Hostess plants when the strike started two weeks ago, but we immediately closed three, so we only had 33 left. Bakers were crossing the picket line in some numbers but not enough to keep things going. Last night I got the update: 11 plants still weren’t operating. After that I communicated with my board and made the decision. That was a difficult call to make. I had people on that call who’d been working 20 hours a day at these plants, trying to make enough product to keep them on the shelves.

I look at this as a failure. I’ve spent a lot of time wondering why we didn’t make more progress. I’m a turnaround guy, I’m a pretty optimistic guy. I don’t think this was the inevitable end. We had a shot at surviving, but we couldn’t overcome the strike. We have potential buyers for our brands and we’ll contact them, but I haven’t even thought about that yet. We sent everyone home from the plants. That’s 18,500 people out of work. — As told to Claire Suddath

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Israel successfully tests missile defense system

JERUSALEM (AP) — Israel successfully tested its newest missile defense system Sunday, the military said, a step toward making the third leg of what Israel calls its “multilayer missile defense” operational.

The “David’s Sling” system is designed to stop mid-range missiles. It successfully passed its test, shooting down its first missile in a drill Sunday in southern Israel, the military said.

The system is designed to intercept projectiles with ranges of up to 300 kilometers (180 miles).

Israel has also deployed Arrow systems for longer-range threats from Iran. The Iron Dome protects against short-range rockets fired by militants in the Gaza Strip and Hezbollah guerrillas in Lebanon. Iron Dome shot down hundreds of rockets from Gaza in this month’s round of fighting.

Israeli Defense Minister Ehud Barak said the success of Iron Dome highlighted the “immense importance” of such systems.

“David’s Sling,” also known “Magic Wand,” is developed by Israel’s Rafael Advanced Defense Systems and U.S.-based Raytheon Co. and is primarily designed to counter the large arsenal of Hezbollah rockets in Lebanon.

The military said the program, which is on schedule for deployment in 2014, would “provide an additional layer of defense against ballistic missiles.”

The next generation of the Arrow, now in the development stage, is set to be deployed in 2016. Called the Arrow 3, it is designed to strike its target outside the atmosphere, intercepting missiles closer to their launch sites. Together, the two Arrow systems would provide two chances to strike down incoming missiles.

Israel also uses U.S.-made Patriot missile defense batteries against mid-range missiles, though these failed to hit any of the 39 Scud missiles fired at Israel from Iraq In the first Gulf War 20 years ago. Manufacturers say the Patriot system has been improved since then.

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6 ways to tweet yourself out of a job

Hate your job? Want to leave without giving two weeks notice? Thanks to Twitter, it’s never been easier to get fired, says Rob Lammie at Mental Floss

Step 1: Drunk tweet
As any Spring Break partier knows, drinking impairs your judgment. It seems to have also impaired the judgment of Major League pitcher-turned-sports-radio-host Mike Bacsik, who put on quite a show during a San Antonio Spurs and Dallas Mavericks NBA game in April 2010. While watching the game, Bacsik bragged that he was “About 12 deep and some shots.” He proceeded to unleash a string of insults aimed at NBA commissioner David Stern, accused the refs of fixing the game, and even threatened to blow up the NBA’s offices. But the one that really got people riled up came after the Mavericks lost the game, when Bacsik tweeted: 

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@MikeBacsik: “Congrats to all the dirty mexicans in San Antonio.”

After sobering up, Bacsik deleted the offending tweets and issued an apology. But it was too little, too late. Numerous people complained to his radio station, which first suspended Bacsik and later fired him. After his dismissal, he told ESPN Dallas, “When you tweet like that, it’s not a playful, harmless thing… I’m very sorry and will try my best for my actions to speak louder than my tweets.”

Step 2: Break the law (or just anger your governor)
Twitter has become a great tool for politicians to connect to the voting public. Former Mississippi Governor Haley Barbour, for one, has really embraced the technology as a way to share his opinions and views. For example, in December 2009, he sent out a tweet saying:

 @HaleyBarbour: “Glad the Legislature recognizes our dire fiscal situation. Look forward to hearing their ideas on how to trim expenses.”

Jennifer Carter, one of his Twitter followers who worked for the University of Mississippi Medical Center (UMC), read this message and offered up a suggestion on how Governor Barbour could personally save the taxpayers money:

“Schedule regular medical exams like everyone else instead of paying UMC employees overtime to do it when clinics are usually closed.” 

This “Oh, snap!” moment referred to an incident that had occurred three years earlier, when the governor requested the medical center open on a Saturday, when they were normally closed, and bring in a staff of 15-20 people who were paid overtime to administer his annual check-up. This happened before Carter worked for UMC and she was simply repeating what she had been told by other employees. 

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The governor’s office tracked down Carter and made a formal complaint to UMC, saying Carter had violated the Health Insurance Portability and Accountability Act, a privacy law that states no employee of a medical facility can reveal any information about a person’s “protected health information.” Some argued that Carter didn’t violate HIPAA, since she didn’t actually give out any information about the health of the governor. However, others believe that simply saying the governor had even visited a doctor is a violation. 

Semantics aside, UMC administrators said it was a violation, so they suspended Carter for three days without pay and strongly suggested she resign to avoid further disciplinary action, which she did.

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Step 3: Have an NSFW lifestyle
St. Louis-based blogger “The Beautiful Kind” had been writing online about her polyamorous sex life for years. Knowing that not everyone would agree with her chosen lifestyle, she was always very careful about maintaining her anonymity, especially when it came to the workplace. So when she signed up for Twitter, she wanted to be anonymous there as well. She thought that, thanks to the similarities between the two, it was like signing up for an online message board — you supplied your real name to the website privately, but could choose to be known publicly by your username only. But when she logged in for the first time and saw that, not only did it show her username (@TBK365), but also her real name on her profile, she immediately went back and removed it. 

Thinking she was now safely anonymous, she used Twitter to promote her blog and to discuss sexually explicit topics with her followers. However, when her boss at the non-profit group where she worked was told by upper management to do a Google search of all employees, TBK’s Twitter account information — with her real name still associated — came up on the Twitter tracking site topsy.com.

The next day, TBK was called into her boss’ office and fired on the spot. Afterwards, her former boss sent her a letter saying, “While I know you are a good worker and an intelligent person, I hope you try to understand that our employees are held to a different standard. When it comes to private matters, such as one’s sexual explorations and preferences, our employees must keep their affairs private.” Because Missouri is an at-will employment state, meaning employers can fire someone for just about any reason, TBK was SOL.

Step 4: Question company policy
When California Pizza Kitchen (CPK) traded in their standard white shirts for black ones, employee Tim Chantarangsu wasn’t happy with the change. So he tweeted @calpizzakitchen his opinion:

@traphik: “black button ups are the lamest s**t ever!!!”

He didn’t expect anyone to notice or care, but the next day he received a direct message from corporate asking what restaurant he worked for. He knew better than to respond, but they tracked him down anyway and he was fired. They not only referenced his tweet about the shirts, but also an earlier one where he had said he was getting ready to work at “Calipornia Skeetza Kitchen.” 

Little did they know that Chantarangsu is kind of a big deal on another social website, YouTube. Under the name TimothyDeLaGhetto2, Chantarangsu has hundreds of thousands of subscribers, accounting for over 10,500,000 views of his videos at the time. Of course he made a YouTube video telling his Twitter story and it has been viewed well more than 100,000 times. Shortly after the incident, he asked his followers to bombard CPK’s Twitter account with RTs (re-tweets) of his offending message, which they were more than happy to oblige.

Step 5: Make a celebrity look bad
During his five years on the job, Jon Barrett-Ingels had served a lot of celebrities as a waiter at Barney Greengrass, an upscale restaurant in Beverly Hills. One day, Jane Adams, star of the HBO series Hung, came in and had lunch to the tune of $ 13.44. Unfortunately, when the bill came, Adams realized she had left her wallet in the car. Ingels knew who she was, so he told her she could run out and grab it and come back. The actress left, but didn’t return. Instead, someone from her agency called the next day and paid the bill. However, they didn’t leave a tip. Ingels had recently signed up for Twitter and so, his sixth tweet to his 40 followers said:

@PapaBarrett: Jane Adams, star of HBO series “Hung” skipped out on a $ 13.44 check. Her agent called and payed the following day. NO TIP!!!” 

Over the next few weeks, Ingels started using Twitter to send out a few harmless observations about celebrities that came in to eat — mainly what they ordered or what they looked like that day. Then, out of the blue, Jane Adams came back to the restaurant. According to Ingels’ blog, she was clearly upset and begrudgingly slapped $ 3 on the bar for Ingels as a tip. Surprised, Ingels told the actress she really didn’t have to do that, but her gesture was appreciated. She allegedly replied with, “My friend read about it on Twitter!” before storming off. Adams complained about the tweet to management, so someone from Barney’s corporate started following Ingels on Twitter to see what he was up to. After reading his celebrity tweets, it didn’t take long before they gave him the boot.

Step 6: Don’t get hired in the first place
If you’ve followed steps 1 – 5 and you still have a job, here’s the ultimate way to make sure Twitter will keep you from gainful employment.

When recent college grad Skye Riley heard back from Cisco, the computer networking giant, about her job application, one of her first instincts was to tweet about it. Unfortunately, this is what she tweeted:

@theconnor: Cisco just offered me a job! Now I have to weigh the utility of a fatty paycheck against the daily commute to San Jose and hating the work.

The unfortunate part? An employee of Cisco, Tim Levad, came across her post while doing a Twitter search for Cisco. He replied to her by saying:

@timmylevad: Who is the hiring manager. I’m sure they would love to know that you will hate the work. We here at Cisco are versed in the web.

Riley’s story was the tweet heard round the world. It became a hot topic on tech blogs for weeks afterwards, with writers calling it the “Cisco Fatty” incident. She later claimed that the tweet was taken out of context — that part of her message was referring to a well-paid internship she had turned down — but it appears the damage had already been done. While only she and Cisco know what really happened, according to her online resume, she has never worked for the company.

 — Rob Lammie

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“Big Bang Theory” actress Mayim Bialik, husband divorcing

NEW YORK (Reuters) – “The Big Bang Theory” actress Mayim Bialik and her husband are divorcing after nine years of marriage, she said in a statement on her Facebook page.

Bialik, who starred in the 1990s sitcom “Blossom,” and Michael Stone have two sons together.

“Divorce is terribly sad, painful and incomprehensible for children,” Bialik, 36, said in the statement. “It is not something we have decided lightly.”

Bialik, a proponent of “attachment parenting” who authored a book on the subject that was published in September, said it “played no role” in the couple’s divorce.

Attachment parenting advocates the nurturing of strong bonds between parents and children, which can include extended breast-feeding and parents and children sleeping in the same bed until the children are as old as 7. A controversial Time magazine cover on the subject in May drew strong reactions across the United States.

“The main priority for us now is to make the transition to two loving homes as smooth and painless as possible,” Bialik wrote in the statement, which was posted to her Facebook page on Wednesday. “Our sons deserve parents committed to their growth and health and that’s what we are focusing on.”

“We will be OK,” the statement concludes.

Bialik is a former child star who appeared in the 1980s television series “Webster” and “The Facts of Life” before landing the title role in the coming-of-age television show “Blossom,” which ran from 1991 to 1995. The show was about a smart teenage girl whose parents have divorced and is learning about life.

The actress attended the University of California, Los Angeles, where she obtained a doctorate in neuroscience.

She met Michael Stone, a fellow graduate student, in calculus class, according to a description of her wedding she previously posted online.

In her most recent role on CBS comedy “The Big Bang Theory,” Bialik plays Amy Farrah Fowler, a neuroscientist who dates one of the two main stars of the show, the socially inept but brilliant physicist Sheldon Cooper.

(Reporting By Chris Francescani; Editing by Alex Dobuzinskis and Bill Trott)

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Four new cases of SARS-like virus found in Saudi, Qatar

LONDON (Reuters) – A new virus from the same family as SARS which sparked a global alert in September has now killed two people in Saudi Arabia, and total cases there and in Qatar have reached six, the World Health Organisation said.

The U.N. health agency issued an international alert in late September saying a virus previously unknown in humans had infected a Qatari man who had recently been in Saudi Arabia, where another man with the same virus had died.

On Friday it said in an outbreak update that it had registered four more cases and one of the new patients had died.

“The additional cases have been identified as part of the enhanced surveillance in Saudi Arabia (3 cases, including 1 death) and Qatar (1 case),” the WHO said.

The new virus is known as a coronavirus and shares some of the symptoms of SARS, or Severe Acute Respiratory Syndrome, which emerged in China in 2002 and killed around a 10th of the 8,000 people it infected worldwide.

Among the symptoms in the confirmed cases are fever, coughing and breathing difficulties.

Of the six laboratory-confirmed cases reported to WHO, four cases, including the two deaths, are from Saudi Arabia and two cases are from Qatar.

Britain’s Health Protection Agency, which helped to identify the new virus in September, said the newly reported case from Qatar was initially treated in October in Qatar but then transferred to Germany, and has now been discharged.

Coronaviruses are typically spread like other respiratory infections, such as flu, travelling in airborne droplets when an infected person coughs or sneezes.

The WHO said investigations were being conducted into the likely source of the infection, the method of exposure, and the possibility of human-to-human transmission of the virus.

“Close contacts of the recently confirmed cases are being identified and followed-up,” it said.

It added that so far, only the two most recently confirmed cases in Saudi Arabia were epidemiologically linked – they were from the same family, living in the same household.

“Preliminary investigations indicate that these two cases presented with similar symptoms of illness. One died and the other recovered,” the WHO’s statement said.

Two other members of the same family also suffered similar symptoms of illness, and one died and the other is recovering. But the WHO said laboratory test results on the fatality were still pending, and the person who is recovering had tested negative for the new coronavirus.

The virus has no formal name, but scientists at the British and Dutch laboratories where it was identified refer to it as “London1_novel CoV 2012″.

The WHO urged all its member states to continue surveillance for severe acute respiratory infections.

“Until more information is available, it is prudent to consider that the virus is likely more widely distributed than just the two countries which have identified cases,” it said.

(Editing by Alison Williams)

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Is Ben Bernanke Unleashing Inflation?

Conservative economists are paying attention to the man behind the curtain and not liking what they see. At a meeting in a Manhattan hotel on Nov. 20, the so-called Shadow Open Market Committee criticized Federal Reserve Chairman Ben Bernanke for an ultra-easy monetary policy that will, in their opinion, lead ultimately to dangerously higher inflation.

“We aren’t in Kansas anymore,” said Columbia University economist Charles Calomiris, referring to the mind-bending changes in the Fed’s monetary policy under Bernanke’s chairmanship. That’s not the same as calling Bernanke the new Wizard of Oz, but it’s close.

Marvin Goodfriend, an economist at Carnegie Mellon University, said the Federal Reserve “appears to be walking away” from a commitment it made last January to keep the inflation rate at or near 2 percent. In September, when it announced a new round of bond buying to bring down unemployment, the Fed made no mention of the 2 percent target, merely saying it would pursue its growth target “in a context of price stability.”

“This is a trap,” Goodfriend warned. If the Fed waits to tighten monetary policy until inflation becomes a concern, it will be too late, he said: High inflation will become embedded in the economy and it will take years of punitively high rates to stamp it out.

Jeffrey Lacker, the hawkish president of the Federal Reserve Bank of Richmond, was the Shadow Open Market Committee’s invited keynote speaker. He shared the committee members’ concerns about letting inflation drift much above the 2 percent target in the name of growth, even for a short while.

“At the very least, the precedent set by an opportunistic attempt to raise inflation temporarily is likely to cloud our credibility for decades to come,” Lacker said.

The Shadow Open Market Committee was formed in 1973 to evaluate the policy choices of the Federal Open Market Committee, the arm of the Fed that sets monetary policy. One of its co-founders, Carnegie Mellon economist Allan Meltzer, is still active in the organization and attended the symposium.

Mickey Levy, chief economist for Bank of America and an SOMC member, said that the Fed “has neutralized the bond vigilantes” by keeping rates low. In other words, even if bond traders are worried that inflation will heat up, they don’t dare bet that way by driving interest rates higher, because the Fed will swat them away by pushing rates back down. “The adage ‘Don’t fight the Fed’? It’s in full force,” Levy said.

The Shadow Open Market Committee meeting wrapped up just before Bernanke spoke a few blocks away at a meeting of the Economic Club of New York. Harvard University economist Martin Feldstein, who attended the SOMC symposium, was given the privilege of asking Bernanke questions at the Economic Club luncheon. He did not choose to ask the chairman whether the Fed was walking away from its 2 percent inflation target.

Right after the luncheon, though, Bloomberg TV’s Mark Crumpton asked Feldstein, who was President Ronald Reagan’s chief economic adviser, if he was concerned that the Fed hadn’t been talking about the 2 percent target lately. “Absolutely,” Feldstein said. “It’s very important for the Fed to reaffirm those goals.”

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