What Yellen Must Do
US President-elect Joe Biden’s decision to appoint Janet Yellen as the next Secretary of the Treasury is good news for America and the world. The United States has survived four years under a mendacious president who has no understanding of, let alone respect for, the rule of law, the principles undergirding democracy and the market economy, or even basic human decency. Not only has Donald Trump spent the weeks since the presidential election spewing lies about non-existent voter fraud; he has also convinced a large majority of his party to embrace these lies, thus revealing the frailty of American democracy.
Undoing the damage will not be easy, especially with the COVID-19 pandemic compounding America’s problems. Fortunately, no one is better equipped -- in intellect, experience, values, and interpersonal skills -- to deal with today’s economic challenges than Yellen.
About the Author
Initiative for Policy Dialogue (IPD)
Joseph E. Stiglitz is President of the Initiative for Policy Dialogue, and Chairman of the Committee on Global Thought at Columbia University. He is University Professor at Columbia, teaching in its Economics Department, its Business School, and its School of International and Public Affairs. He chaired the UN Commission of Experts on Reforms of the International Monetary and Financial System, created in the aftermath of the financial crisis by the President of the General Assembly. He is former Chief Economist and Senior Vice-President of the World Bank and Chairman of President Clinton’s Council of Economic Advisors. He was awarded the Nobel Memorial Prize in Economics in 2001.