Helicopter Ben Earns His Wings
If I were Zhou Xichuan, the governor of the People’s Bank of China and chairman of the government’s Monetary Policy Committee, or Toshihiko Fukui, governor of the Bank of Japan, I would have been stunned by US Federal Reserve Chairman Ben Bernanke’s 50 basis point cuts in the Fed funds and discount rates this week. Coming at a time when rate increases w…
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