The Best Man for the Fed Chair Could Be a Woman

Jul. 11, 2008 11:33 AM ET4 Comments
Keith Fitz-Gerald profile picture
Keith Fitz-Gerald
288 Followers

Every market cycle has its genius.

Even a market cycle as wild and volatile as this one has been.

And the latest genius might be just what the U.S. Federal Reserve needs to restore order around here: She might even be able to bring credibility back to the global financial markets.

Elizabeth Duke goes by "Patsy." And while the nickname may be soft, the person behind the moniker isn’t soft. In fact, we believe that Patsy Duke - a career commercial banker - is the only Federal Reserve insider who understands how the global money markets actually work.

As such, she might just be the next central bank chairman.

We say that because, unlike current Fed Chairman Ben S. Bernanke and the rest of the Beltway Boys - all of them academic theoreticians, data experts, or policy wonks - Duke has real commercial banking experience.

A Real "Find" at the Federal Reserve

Over the last 32 years, Duke worked her way up from the teller’s window, where she started, to an executive vice president’s post at Wachovia Corp. (WB). Along the way, she also became the first woman to chair the American Bankers Association - no small feat, considering how much of an "Old Boy" industry banking has always been.

Duke actually understands the consequences - what will happen - when you hand out $37.5 billion in taxpayer-subsidized freebies a week like the Federal Reserve is doing right now. And as the only commercial banker on the Fed’s governing board, she’s literally the only one with a firm grasp on the key regulatory issues the central bank should be addressing.

We realize that whenever someone hears the word "regulatory," there’s an almost-unstoppable urge to yawn, followed by the desire to surf the Web for last night’s West Coast baseball scores.

This article was written by

Keith Fitz-Gerald profile picture
288 Followers
Keith Fitz-Gerald is a Contributing Editor to Money Morning (http://www.moneymorning.com/), as well as Investment Director of the Money Map Report and editor of the New China Trader. He is also a seasoned market analyst known for his accuracy, perspective and insight. He is also a former professional trader and licensed CTA advising institutions and qualified individuals, and he specializes in non-directional trading. Fitz-Gerald started his first business and began investing the proceeds at age 15, but he officially launched his business career 19 years ago when he joined Wilshire Associates, the globally recognized financial consulting firm. He is currently Founder and Managing Member of Fitz-Gerald Research Publications LLC, an investment-research firm that publishes general investment research, commentary and analysis. Having discovered key financial relationships that allow the markets to be modeled using complex systems based on Chaos Theory, Fitz-Gerald has been recognized as both a true pioneer of the form and an expert at using non-linear theory for market prediction, risk management and portfolio construction. That makes him one of the few people in the world who works exclusively with non-linear theory to predict the markets and forecast economic and financial events. With his cutting-edge analysis strategies, Fitz-Gerald has actually called some of the key market events in recent history. He was recently named a founding member of The Kenos Circle, a Vienna, Austria-based think-tank that identifies long-term economic and financial trends using the Science of Complexity, which is better known as “Chaos Theory.” Fitz-Gerald holds a BS in Management and Finance from Skidmore College and an MS in International Finance - with a focus on Japanese Business Science - from Chaminade University. He and his family split their time between Portland, Oregon and Kyoto Japan. Disclaimer: Money Morning and Stansberry & Associates Investment Research are separate companies, and entirely distinct. Their only common thread is a shared parent company, Agora Inc. Agora Inc. was named in the suit by the SEC and was exonerated by the court, and thus dropped from the case. Stansberry & Associates was found civilly liable for a matter that dealt with one writer’s report on a company. The action was not a criminal matter. The case is still on appeal, and no final decision has been made.

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