Civilisation safe for another few weeks. The Grand Illusion lives on.
The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 3-3/4 percent.
Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; Timothy F. Geithner, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; Richard W. Fisher; Donald L. Kohn; Michael H. Moskow; Anthony M. Santomero; and Gary H. Stern. Voting against was Mark W. Olson, who preferred no change in the federal funds rate target at this meeting.
In a related action, the Board of Governors unanimously approved a 25-basis-point increase in the discount rate to 4-3/4 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Richmond, Chicago, Minneapolis, and Kansas City.
2 comments:
Inflation. What else can you do for a greenback?
BTW, the Corriere della Sera reports that 6,000 troops from the 7th Armored Division (Desert Rats) are shipping our for Iraq in November. Is that right?
"It did confirm that soldiers from the 7th Armoured Brigade, better known as the Desert Rats, would be redeployed to Iraq before the end of the year, suggesting thousands of British troops will remain in the country well into 2006.
"Our troops will be there until such times as the conditions are met, those conditions being the Iraqis themselves having such democratic control and such security forces as they can take the lead," Mr Reid said.
A government document leaked to a newspaper in July suggested London hoped to cut its forces in Iraq to 3000 by the middle of next year.
This from Reuters. The UK MInisters are looking increasingly wide eyed and legless confronted with the evident resistance.
Basra HQ is actually 7 miles from Basra and they send in by agreement with local powers on agreed routes to fly the flag but fuck off before sundown.
The lifting of Sadr leaders enraged them, the lifting of the SAS guys wa sa response and the local Commander went apeshit and acted unilaterally - faced with that the Gubment have to fall in line. At the end of the day he gets the support of his men and headlines "brave heroic rescue etc.,)
Natural response of the mad beekeepers in charge , swat out regardless.
Lunatics have taken over the mad house - or did a long time ago, they have just found the keys to the drinks cabinet.
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