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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: FR1 who wrote (34125)	3/20/2001 1:18:41 PM
From: Jim Willie CB	Read Replies (3) of 65232

shorterm monetary policy should be run by the equilibrium-based free market known as the Bond Market let the FedFunds Rate float, but be adjusted on the first Friday of each month let it be set to the prevailing 3-month TBill yield allow the Federal Reserve emergency powers like to deal with Russian default like to deal with LTCM bailout ironically, in my not very humble opinion, both were caused by Fed policy without Fed absurd policies, and obfuscations, neither event wouldve happened but that is something I cannot prove can anyone even prove that with no Fed at all, we wouldve had a lower Y2K peak, a more stable correction following that peak in 2000, and a smoother resumption of growth in 2001 ??? no, but I am sure of it, as sure as that my mommy and daddy made me well, I aint so sure of that either anyone who has seen me can attest to that the Fed can be commissioned to act when we have real crises like the Iraqi-Kuwaiti War of 1990 like the Arab Oil Embargo of 1973 any other free rein for the Federal Reserve, and the American economy is at war with the Fed itself / jim

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