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Thursday, August 15, 2013

Who Are Those Masked Men on the 'Creditanstalt' Monetary Advisory Committee?

I have been repeatedly asked about who serves on the 'Creditanstalt' Monetary Advisory Committee (MAC) that recently supported the nomination of Janet Yellen over Larry Summers for the chairmanship of the Board of Governors of the US Federal Reserve, and what are their credentials?

At the 'Creditanstalt' we have a strict policy of only inviting dead economists of the highest international standing to serve on our committees, in accordance with the recommendations of Representative Paul Ryan, US Congress, who has recently been promoting Milton Friedman (†2006) for the Fed chairmanship (even though he is not an Austrian but still very much dead).

Currently, the members of the MAC are drawn from the greater Vienna community as well as leading foreign economists:

Irving Fisher (1867 – 1947)
Friedrich von Hayek (1899 – 1992)
Michael Kalecki (1899 – 1970)
John Maynard Keynes (1883 – 1946)
Carl Menger (1840 – 1921)
Ludwig von Mises (1881 – 1973)
Oscar Morgenstern (1902 – 1977)
John von Neumann (1903 – 1957)
Joseph Schumpeter (1883 – 1950)

It has been our experience that these distinguished economists have a much easier time reaching a consensus in the afterlife than they ever did during their often highly contentious lifetimes.

Meetings of the 'Creditanstalt' Monetary Advisory Committee take place at the Vienna Central Cemetery and are occasions for high pomp and circumstance. Shown here is the quantity theory of money being taken to its ultimate resting place (in the long run burial plot for defunct theories).

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