Monday, March 24, 2008

20. One of the most powerful people in the world in the chairman of the Board of Governors of the Federal Reserve System.

Ben Bernanke

20. One of the most powerful people in the world is the chairman of the Board of Governors of the Federal Reserve System (the Fed), which affects the economy by influencing overall spending by influencing the amount of money banks create when they issue loans. The Chairman of the Board of Governors of the Federal Reserve System (the Fed) is the individual who oversees the operation of the Fed and thus has primary responsibility for the conduct of monetary policy in the United States. Ben Bernanke has served as the Chairman of the Board of Governors since February 1, 2006. He succeeded Alan Greenspan, who served on the Board from August 11, 1987 to January 31, 2006 and was designated Chairman by Presidents Ronald Reagan, George H.W. Bush, Bill Clinton, and George W. Bush. The role of the Fed in conducting monetary policy is discussed in module 9 (Monetary Policy).

A December 20, 2008 article in Newsweek magazine ranked Ben Bernanke as the fourth most powerful person in the world. The fifth and sixth people on the list are also the heads of central banks: Jean-Claude Trichet of the European Central Bank (ECB) and Masaaki Shirakawa of the Bank of Japan. The top three most powerful people are: (1) U.S. President Barack Obama; (2) Hu Jintao, the president of China; (3) Nicolas Sarkozy, the president of France.

According to the article, the world's 50 most powerful people are:
1: Barack Obama
2: Hu Jintao
3: Nicolas Sarkozy
4-5-6: Economic Triumvirate
7: Gordon Brown
8: Angela Merkel
9: Vladimir Putin
10: Abdullah bin Abdulaziz Al-Saud
11: Ayatollah Ali Khamenei
12: Kim Jong Il
13-14: The Clintons
15: Timothy Geithner
16: Gen. David Petraeus
17: Sonia Gandhi
18: Luiz Inácio Lula da Silva
19: Warren Buffett
20: Gen. Ashfaq Parvez Kayani
21: Nuri al-Maliki
22-23: The Philanthropists
24: Nancy Pelosi
25: Khalifa bin Zayed Al Nahyan
26: Mike Duke
27: Rahm Emanuel
28: Eric Schmidt
29: Jamie Dimon
30-31: Friends of Barack
32: Dominique Strauss-Kahn
33: Rex Tillerson
34: Steve Jobs
35: John Lasseter
36: Michael Bloomberg
37: Pope Benedict XVI
38: Katsuaki Watanabe
39: Rupert Murdoch
40: Jeff Bezos
41: Shahrukh Khan
42: Osama bin Laden
43: Hassan Nasrallah
44: Dr. Margaret Chan
45: Carlos Slim Helú
46: The Dalai Lama
47: Oprah Winfrey
48: Amr Khaled
49: E. A. Adeboye
50: Jim Rogers

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