September 16, 2013.

Summers Withdraws Name for Fed Chairmanship

But he knew the rest of the catalogue. There would be mention of the bishops in their lawn sleeves, the judges in their ermine robes, the pillory, the stocks, the treadmill, the cat-o'-nine tails, the Lord Mayor's Banquet, and the practice of kissing the Pope's toe. There was also something called the jus primae noctis, which would probably not be mentioned in a textbook for children. It was the law by which every capitalist had the right to sleep with any woman working in one of his factories.

WASHINGTON----Lawrence Summers pulled out of the contest to succeed Ben Bernanke as chairman of the Federal Reserve after weeks of public excoriation, forcing President Barack Obama to move further down the list of contenders to head the central bank.

How could you tell how much of it was lies? It might be true that the average human being was better off now than he had been before the Revolution. The only evidence to the contrary was the mute protest in your own bones, the instinctive feeling that the conditions you lived in were intolerable and that at some other time they must have been different. It struck him that the truly characteristic thing about modern life was not its cruelty and insecurity, but simply its bareness, its dinginess, its listlessness. Life, if you looked about you, bore no resemblance not only to the lies that streamed out of the telescreens, but even to the ideals that the Party was trying to achieve. Great areas of it, even for a Party member, were neutral and nonpolitical, a matter of slogging through dreary jobs, fighting for a place on the Tube, darning a worn-out sock, cadging a saccharine tablet, saving a cigarette end. The ideal set up by the Party was something huge, terrible, and glittering----a world of steel and concrete, of monstrous machines and terrifying weapons----a nation of warriors and fanatics, marching forward in perfect unity, all thinking the same thoughts and shouting the same slogans, perpetually working, fighting, triumphing, persecuting----three hundred million people all with the same face. The reality was decaying, dingy cities where underfed people shuffled to and fro in leaky shoes, in patched-up nineteenth-century houses that smelt always of cabbage and bad lavatories. He seemed to see a vision of London, vast and ruinous, city of a million dustbins, and mixed up with it was a picture of Mrs Parsons, a woman with lined face and wispy hair, fiddling helplessly with a blocked wastepipe.

One leading candidate is Janet Yellen, the Fed's current vice chairwoman, who has garnered substantial support among Democrats in Congress and among economists. But the public lobbying on her behalf appears to have annoyed the president, say administration insiders, and may lead him to look elsewhere.

He reached down and scratched his ankle again. Day and night the telescreens bruised your ears with statistics proving that people today had more food, more clothes, better houses, better recreations----that they lived longer, worked shorter hours, were bigger, healthier, stronger, happier, more intelligent, better educated, than the people of fifty years ago. Not a word of it could ever be proved or disproved. The Party claimed, for example, that today 40 per cent of adult proles were literate: before the Revolution, it was said, the number had only been 15 per cent. The Party claimed that the infant mortality rate was now only 160 per thousand, whereas before the Revolution it had been 300----and so it went on. It was like a single equation with two unknowns. It might very well be that literally every word in the history books, even the things that one accepted without question, was pure fantasy. For all he knew there might never have been any such law as the jus primae noctis, or any such creature as a capitalist, or any such garment as a top hat.

Mr. Obama has said he interviewed Donald Kohn, a former Fed vice chairman who is now a senior fellow at the Brookings Institution. Administration insiders say Timothy Geithner, the former Treasury secretary, also is a possibility, though a person close to him reaffirmed Sunday night that he doesn't want the job. Dark-horse candidates include Stanley Fischer, an American citizen who recently stepped down as governor of the Bank of Israel, and Roger Ferguson, another former Fed vice chairman and now chief executive of TIAA-CREF, the nonprofit pension company.