John Lipsky & Steve Forbes

John Lipsky's Biography

A world-renowned economist, John Lipsky’s distinguished career in both the private and public sectors, has earned him the respect and regard of many leaders around the world. His service at the International Monetary Fund coincided with the most challenging era for the international economy in the past 70 years. Having served as the IMF’s First Deputy Managing Director—the organization’s No. 2 Leadership Role – between 2006-2011, as well as Acting Managing Director from May-July 2011, Lipsky was a dedicated and effective leader who sought more effective international cooperation during a period of historic upheaval for the global economy.

Lipsky's sudden accession as the IMF’s Acting Managing Director came at a time of particular stress for European economies, institutions and financial markets. He led the IMF delegation at the 37th G8 summit held in May 2011 in Deauville, France, that also focused on forging a new partnership with Middle Eastern and North African countries following the Arab Spring. Representing the IMF at critical meetings of Eurozone Finance Ministers, Lipsky pushed hard for stronger action to halt the downward spiral, to restart growth and to implement important reforms. His strong stance and steadfast leadership during this period was noted widely at the time in publications like The Economist.

Before coming to the Fund, Mr. Lipsky was Vice Chairman of the JPMorgan Investment Bank. In this position, he advised the firm's principal market risk takers, published independent research on the principal forces shaping global financial markets, was actively engaged with JPMorgan's key clients, and represented the firm around the world with senior public and financial sector decision makers. 

Previously, Mr. Lipsky served as JPMorgan's Chief Economist, and as Chase Manhattan Bank's Chief Economist and Director of Research. He served as Chief Economist of Salomon Brothers, Inc. from 1992 until 1997. From 1989 to 1992, Mr. Lipsky was based in London, where he directed Salomon Brothers' European Economic and Market Analysis Group during a time of fundamental and historic shifts in Europe. Mr. Lipsky joined Salomon Brothers in 1984, working closely with Henry Kaufman when Salomon was a powerful and pioneering presence in rapidly growing global financial markets.

Mr. Lipsky spent a decade at the IMF following his graduate studies at Stanford. His key staff assignments were helping to manage the Fund's exchange rate surveillance procedure and in analyzing developments in international capital markets. He also participated in negotiations with several member countries—including Brazil, the Philippines and Peru—and served as the Fund's Resident Representative in Chile during the design and implementation of key economic reforms during 1978-80. While still at JPMorganChase, Mr. Lipsky chaired a Financial Sector Review Group, established by former IMF Managing Director Horst Köhler, to provide the Fund with an independent perspective on the Fund's work on international capital markets.

Mr. Lipsky currently is a Senior Fellow of the Foreign Policy Institute, at Johns Hopkins University’s Paul H. Nitze School of Advanced International Studies (SAIS) in Washington. SAIS is one of the world’s leading graduate schools devoted to the study of international relations.  Mr. Lipsky also serves as the Chair of the National Bureau of Economic Research (NBER), Co-Chair of the Aspen Institute’s Program on the World Economy, is a Vice Chair of the Bretton Woods Committee and of the Center for Global Development, is a member of the Advisory Board of the Stanford Institute for Economic Policy Research (SIEPR) and of the Board of Directors of the American Council on Germany. Mr. Lipsky also is a Life Member of the Council on Foreign Relations. He received a Ph.D. in Economics from Stanford University.

Steve Forbes's Biography

Steve is Chairman and Editor-in-Chief of Forbes Media.

His new book, which he co-authored with Nathan Lewis and Elizabeth Ames, is entitled Inflation: What It Is, Why It’s Bad, and How To Fix It.

Steve broadcasts a popular webcast called What’s Ahead, where he gives insightful analyses of events as well as engaging the world’s leading newsmakers, politicians and pioneers in business and economics in captivating conversations.

He helped create the highly acclaimed and award-winning documentary In Money We Trust? which was produced under the auspices of Maryland Public Television. The film was inspired by the book he co-wrote, Money. He was executive producer of the new, highly acclaimed documentary Coolidge: Rediscovering an American President. He also recently launched a series on the educational website Izzit.org/Forbes that presents inspirational stories and lessons from history’s greatest innovators—many largely forgotten—whose achievements have shaped modern life.

Steve writes editorials for each issue of Forbes under the heading of “Fact and Comment.”

A widely respected economic prognosticator, he is the only writer to have won the highly prestigious "Crystal Owl Award" four times for the accuracy of his economic forecasts.

In 1996 and 2000, Steve campaigned vigorously for the Republican nomination for the presidency. Key to his platform were a flat tax, medical savings accounts, a stable dollar, a new Social System for working Americans, parental choice of schools for their children, term limits and a strong national defense. He continues to energetically promote this agenda.