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Wednesday, August 26, 2015

On the Scent of " Scent of a Woman."

Nicola Beneditti is a Scot of Italian descent whose looks remind you of Sophia Loren and whose violin music sounds like strains coming from heaven.  I had never heard of her until 2014 when my wife cajoled me to going to a concert she was giving at he Kennedy Center. Smitten by her artistry, I immediately bought her three most recent CDs.
The best one is called "The Silver Violin." In Britain, it was a top selling record, besting all of the charts. She plays movie themes as well as fine classical works- some by Corngold are particularly lovely.
  She also plays "Scent of a Woman." Remember the movie with Al Pacino.  I wanted to know who composed the piece of tango and discovered through Wikipedia that it was written by two South Americans in 1935-both killed in a plane crash shortly after its release.  They were Carlos Gardel and Alfredo La Pera.   The song's original title was Pa Una Cabeza, which means "by a head," alluding to horse racing. I urge you to read Gardel's Wikipedia bio. He was an amazing entertainer, quite poular in the US as he was in South America:
https://en.wikipedia.org/wiki/Carlos_Gardel

Thursday, August 06, 2015

Secrets of the Temple Persist

Fellow journalist  Bill Greider, a columnist for the far-left magazine The Nation and, in spite of this, a marvelous human being, wrote his best-seller about the Fed's inner workings back in 1988, when the central bank  and its all-powerful Federal Open Market Committee had no more transparency than the Kremlin  back in the days of the Soviet Union.   The book inspired Texas Congressman Henry Gonzalez, chairman of the House Banking Committee, to wage war on Alan Greenspan and the Fed to make its  decision making process  more transparent. After all, the Fed is run by bankers.  There was no check on these bankers to keep them from using their power to benefit their own industry at the expense of others. 
Fed Chairman Al Greenspan  in one of his career low points, famously misled congress to keep a secret Fed tapes of monetary meetings out of Gonzalez's hands.
  Transparency has improved somewhat since then.  The Fed now releases minutes of monetary meetings three full weeks  after the fact.  Full transcripts are available after five years.  This delay remains an outrage in a society where the government and its agents supposedly are in the service of the people.  And who is to know who sees the minutes in advance and is privy to information that provides a trading advantage in the markets?
  The Federal Open Market Committee  in a 1981  lawsuit (I an relying on a 2011 article by Nancy Watzman of the Sunlight Foundation) claimed that timely release of its would roil the markets and out it at a disadvantage as it tried to conduct policy . The courts sided with the FOMC.
  The arguments seem silly now that the Bank of England has begun release its minutes almost immediately. Furthermore, the minutes released by the BOE are three times longer that the FOMC's and included detailed footnotes.
 You can see for yourself here:

http://www.federalreserve.gov/newsevents/press/monetary/monetary20150714a1.pdf

and here:
http://www.bankofengland.co.uk/publications/minutes/Documents/mpc/pdf/2015/aug.pdf

Congress should pressure the Fed to follow the BOE's example.

Monday, August 03, 2015

Trump's Plan



In restaurants, J. Parker Wolfgaard has the unpolished  habit of pointing out persons with his utencils. Just yesterday as we lunched on  the Hanger Steak Salad Monday Lunch Special, $13.95, at Plein du Dommage on X Street North West, near Capitol Hill, J. Parker directed his tines at a nicely sculpted  bobbed blond sitting a few tables away and commented between chews of his spring mix, “That beautiful woman over there  is Gail Force, our latest, greatest political scoop artist. She’s going to publish an exclusive blog  this afternoon at 3 p.m. on Donald Trump’s secret negotiations with Mexico to have it pay for the construction of a 2,000-mile-long wall along our joint border.
The ever-alert Ms. Force, detecting that she was being singled out by fork by Wolfgaard, nodded her acknowledgement and then returned to the conversation she had been having with her luncheon partner, a smart  phone.  We call it dining au cell.  I could not take my 60-year-old eyes off of her. She was in her 40s, had lips as thick as seat cushions, a beach queen’s body, and  eyes as wide and as deep as Little Orphan Annie’s.  
 Wolfgaard, who thirsts  for one’s fullest attention,  uttered a long “Ahem.”
“Ahhhhhheeeeeeeeeem,” he said.  “It turns out that Trump is going to turn Mexico into an exclusive drug, gambling and golf enclave. The citizens of Las Vegas will be apoplectic.  The wall is going to be an exact replica of China’s Great Wall, with a major exception--there will be but one gate, members only. Fee’s start at $1 million. Americans  will be queuing up for miles to get down to Mexico. Mexicans no longer will want to leave because of the influx of the deep-pocketed gringos.”  Wolfgaard said this with the definiteness that only an editorial writer like himself can conveniently muster.    I knew him well. I was his libel lawyer. No doubt he had made up his mind in a snap and would spend the next few days mustering academic studies and facts to bolster his opinion.
 I tried to puncture his self-assured balloon.  He appreciates my devil’s advocacy, which is why he generally invites me to lunch.  My opinion this day would cost him but $13.95.
 “What about prostitution, J. Pierpont? “ Las Vegas at least had this service industry going for it.
 “The world’s oldest profession will be legal.  Drugs too. The seven deadly sins are all-in. Not even a member of the President’s Secret Service detail will be able to get into trouble down in Old Mexico, amigo!”
  “We’re broke. Mexico’s broke. Where are they going to get the moola, J. Pierpont?”
 He jabbed his fork at me.  “That’s the beauty of  Trump’s idea.  The Chinese will pay for it.”
“The Chinese? You must be joking.  Why would they pay for it?”
 “They get the lease to operate the wall for 20-years.  Anyway, those Chinese are real-estate crazy. They’re buying up empty condos in Vancouver and building reefs in the middle of the ocean.  They’re already spending billions in South America  for infrastructure. So they will build it. Then at some point Mexico will file for bankruptcy and the Chinese will be forced out in the reorganization. The man’s got a brain under all that crap on his head,  I will tell you that!”
 When we left the restaurant together. J Pierpoint still had the fork in his right hand.  He pointed to a bum begging  on the street.   The bum was yelling, “Spare change, spare change” instead of “spare some change?”  It irked  me that he would think I had spare money as opposed to money to spare.
“That guy owns stacks  of gold,” said J Pierpoint.  "He used to be a libertarian economist.  The stuff is worthless."  
“Libertarian economics?”
“Gold, you ninny.”
“So now he wants funny money?” I asked.
“He only accepts credit cards,” scowled J. Pierpoint. He used his fork to hail a taxi and then used the fork to point out his way.