Re: "pizazzy" exchange rates

[dhenwood@xxxxxxxxx (Doug Henwood)]

At 11:25 AM 4/25/95, RICHARD P.F. HOLT wrote:

>In the NYT today we have a quote from Treasury Secretary Rubin:
>"Mr. Rubin did everything he could today to paly down the differences
>among the finance ministers, instead focusing attention on longer-term
>issues,
>including how to *design* international *institutions* to deal with
>future Mexico-style financial crises. Is the group as division ridden
>as it appears? 'There is a temptation to focus on exchange rates because
>that's sort of pizazzy and it's here and now,' Mr. Rubin said. 'I think
>what is critical for the future of the world and the future of this country
>is that we get beyond the thing of the moment.'" p. C8
>
>It's good to know we have a Treasury Secretary who has his priorities
>correct. You focus first on the institutional structure and then you
>worry about the exchange rate or the price.
>-Ric Holt


Does Rubin really mean it? Or is this just a rationalization for the fact
that his currency is going to hell?

Doug

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Doug Henwood
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