from: http://www.aci.net/kalliste/ Click Here: <A HREF="http://www.aci.net/kalliste/">The Home Page of J. Orlin Grabbe</A> ----- A Visit to the Vulgar Masses Clinton a Rousing Success in Russia "Bill, drop your trousers and show us what a sex boss you are." HIS folksy tone would have gone down a treat back home in Arkansas but President Clinton's powers of persuasion were clearly unequal to the task of charming the Duma yesterday. Short of preaching the merits of gun control to America's National Rifle Association, Mr Clinton could not have faced a more hostile audience than that confronting him in the Russian parliament. His invitation to the deputies to visit the United States aroused only sniggers. Even the most sentimental flourishes, among them a rousing finale about his total of seven visits to Russia, failed to touch their hearts. "All my life I have wanted the people of my country and the people of your country to be friends and allies, to lead the world away from war towards the dreams of children," he said as he wrapped up his speech. At least the forecast scenes of publicity-seeking by the parliament's wild men never materialised, not inside the debating chamber anyway, despite the many brawls it has seen over the years. During the speech the deputies who bothered to turn up - there were many empty seats - calmly read the papers or stared at their watches. A feeble ripple of applause greeted its conclusion. Even that was too much for Vladimir Zhirinovsky, the ultra-nationalist who is now a deputy Speaker of the Duma. The chamber had been packed with "bureaucrats, cleaners and security guards", he complained later. "It was only 20 per cent deputies and 80 per cent vulgar masses. They were told to clap when he came in and at the speech's beginning and end. Clinton will think that he was warmly received by the deputies. But he wasn't." The real action was in the corridors.The President was ambushed by a woman shouting: "Bill, drop your trousers and show us what a sex boss you are." The London Telegraph, June 6, 2000 The Looming Crisis BIS Warns Over US Stocks, Dollar Quit pumping money into the stock market, it says to Fed. The global economy faces the risk of a hard landing with US stock markets and the dollar dropping sharply in tandem, the Bank for International Settlements, the international organisation of central banks, warned on Monday. Recent volatility in currencies and equities, and the lack of liquidity in some financial markets, meant the market reaction to such a downturn posed a further risk, the BIS said in its annual report. Emphasising the uncertainties of the current global situation, the BIS said the imbalance between rapid growth in the US and slower growth elsewhere would have to be corrected, and that large movements in exchange rates were likely to follow. "The rate of expansion of domestic demand in the United States is unsustainable and potentially inflationary, and a similar if less extreme state of affairs prevails in some of the other English-speaking countries," the BIS said. In a pointed warning of the risks of complacency, the BIS compared the US to Japan in the late 1980s, with a combination of high productivity growth, low inflation and soaring asset markets, which ended in a collapse in asset markets and a prolonged recession. Present stock market valuations were unlikely to be sustainable in the long term, it said. "The Federal Reserve's rate cuts in late 1998, needed to stabilise fixed income markets, may have encouraged the stock market to rally at the same time," the BIS said. It warned that, if the inflationary threat in the US remained, the Federal Reserve should keep raising interest rates even if stock markets slumped - avoiding any suspicion that it was bailing out investors who had been caught out. "Were monetary policy to back off at the first signs of declining equity prices, the risks of moral hazard would be great," the BIS said. "Misguided investors should be allowed to pay the price, and quickly, so that capacity can be reduced and longer-term profitability rapidly restored." Andrew Crockett, the general manager of the BIS, said that although banks were better prepared for financial market turmoil than in earlier years, the recent high volatility in the equity and currency markets was likely to continue. "The market-making activities of some institutions and the liquidity of many markets are not as good as before," he said. "The ability to absorb changes in supply and demand in the markets is not there." The drying-up of government borrowing was also creating difficulties for bond investors, with liquidity problems fragmenting government bond markets, the BIS said. The BIS also criticised emerging market countries who had failed to push ahead with reform in their economies and banking systems, and which were loosening monetary policy by intervening to stop their currencies rising. "There is a risk of re-establishing the fixed exchange rate mentality which contributed to the Asian financial crisis," said William White, the BIS's economic adviser. The annual report said the Japanese government should maintain its fiscal stimulus to the economy. But it suggested switching the expenditure from public investment to the country's "underdeveloped" social safety net. The Financial Times, June 6, 2000 ----- Aloha, He'Ping, Om, Shalom, Salaam. Em Hotep, Peace Be, All My Relations. Omnia Bona Bonis, Adieu, Adios, Aloha. Amen. 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