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Lawrence Summers, Harvard academic, former Treasury Secretary and one of the most famous names in economics, has pulled out of the race to become the next Chairman of the Board of Governors of the Federal Reserve Bank. The position of chief of the US Central Bank is perhaps the most important in the global economy and Summers fought hard to get it. But he fell short, issuing a letter (see below) over the weekend in which he formally removed himself from the race.

The reaction to this news would only have added to the sour taste in Summers’ mouth—markets soared.…

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