The Bottom Line
The daily Minyanville take on news, commentary and opinion from around the world:
Recently released transcripts of Fed Open Market Committee meetings around 1999-2000 time period reveal plenty of nuggets. The folks at the Ludwig von Mises Institute noted this excerpt from the March 21, 2000 FOMC meeting, courtesy of Paul Kedrosky's Infectious Greed blog:
CHAIRMAN GREENSPAN: Before we turn to our regular agenda, I want to mention that today is Ed Boehne's last meeting. He has been attending these meetings for many years; in fact, none of us has sat at this table without seeing Ed sitting in his chair. He has been a member of this group longer than any of us. But what is more impressive is that because he was the Philadelphia Fed's economist to the FOMC, his attendance at these meetings goes back to 1971. If there is some way that we could perhaps buy him off not to write a book, it might be an
appropriate use of funds! Needless to say, we are really going to miss you. I think at one time or another your wise counsel has changed the mind of everyone around this table, and I don't recall any instance when it went in the wrong direction.
MR. BOEHNE: Thank you. [Applause]
MR. MCTEER: We need to get that chair reupholstered!
- Bottom Line: That's just the mild stuff. Also, from the March 21, 2000 meeting is this gem:
MR. FISHER: Turning to page 2 and developments in the fed funds market, it's clear that we've had a rather quiet time of it since your last meeting. The fed funds market has been remarkably well behaved, with some modest and predictable volatility at the end of maintenance periods, at month-end, and at tax dates. So, we have the pleasure of reporting that the effective intermeeting funds rate was 5.75 percent. It's nice to be
both good and lucky!
Under the slogan "peaceful rising", China is selling itself to Latin America as an alternative model for ending poverty. Its pitch is finding an audience among governments that have watched China's growth leap and their own stagnate," according to an article in the Financial Times. "Latin American voters are displaying a tendency to elect left-leaning, US-skeptic leaders – from Hugo Chavez in Venezuela to the softer Luiz Inácio Lula da Silva in Brazil. The next test will be in Peru on Sunday where Ollanta Humala, a populist retired army commander, leads presidential election opinion polls."
- Bottom Line: Don't bother seeing the remake, the original is so much better! It's called "Bay of Pigs."
Not one single day goes by without news, debates and comments on China, according to the Asia Times which, when we consider that it is, after all, called the freaking ASIA TIMES!, and that China is IN ASIA!, this makes a considerable amount of sense. Anyway, never mind all that. What were we saying? Right.
Not one single day goes by without news, debates and comments on China, according to the Asia Times. According to David Gosset, director of the Academia Sinica Europaea in Shanghai, "Are Westerners ready to adjust to the Chinese civilization's re-emergence as one of the main sources of global order? In other words, is the West prepared for a world with Chinese characteristics?"
- Bottom Line: Easy, Mike Tyson. Let's at least allow Buster Douglas to step into the ring before we put on the championship belt.
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