Inner City Press -- Investigative Reporting From the United Nations to Wall Street to the Inner City

By Matthew Russell Lee

UNITED NATIONS, May 21 -- The UN has a position on the US Federal Reserve, it emerged on May 21, at least a position favoring new Fed chair Janet Yellen over her predecessor Ben Bernanke.

  Inner City Press asked Pingfan Hong of the UN Department of Economic and Social Affairs about DESA's mid-year update of the UN World Economic Situation and Prospects, which called on the Fed to communicate more clearly as it tapers away from quantitative easing -- does the UN favor an audit of the Fed, and what of the impact on tapering QE on emerging markets? Video here.

  Pingfan Hong recounted that an IMFC meeting he attended, Yellen admitted to negative impacts on emerging markets, which he said Bernanke obfuscated by claiming positive impacts too. (Bernanke now is speaking at $250,000 dinners, so criticism from DESA may not concern him.)

  Inner City Press also asked Pingfan Hong about the WESP's call for the implementation of IMF quota reform -- was this really related to the IMF's ability to lend to Ukraine, and what are its economic impacts?

  Pingfan Hong replied that it is more of a “long term” issue, but that countries should follow through on what they commit to. What about democracy, though? And what about democratizing the Federal Reserve? We'll have more on that. Watch this site.