“Devaluing a currency,” one senior Federal Reserve official once told me, “is like peeing in bed. It feels good at first, but pretty soon it becomes a real mess.” In recent times, foreign-exchange incontinence appears to have been the policy of choice in capitals from Beijing to Washington, via Tokyo. The resulting mess has led to warnings of a global “currency war” that could spiral into protectionism. [WSJ via DI]
Which Federal Reserve Official Would Totally Pee In Bed If He Didn’t Have To Strip The Sheets Afterward?By Bess Levin
Should you ever find yourself in a situation in which knowledge pertaining to the arousal triggers of the former Italian prime minister would come in handy, whether it’s bar trivia night or one of his bunga bunga parties, try and remember that Silvio likes (underage prostitutes dressed as):
3. President Obama Read more »
According to Bloomberg, a search and rescue team has located $658.8 million of MF Global customer funds that went missing earlier this week. According to JPMorgan, however, while it is indeed “holding MF money,” it’s not “the missing money” you’re looking for. Go talk to Goldman, maybe they’ve seen it.