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As I mentioned in an earlier post, the likely story to watch is the BOJ selling US government securities, of which it holds several hundred billions worth. It is now clear that the 12.1 billion sale through the New York Fed the other day was very much a coordinated deal. It not only served to prop up the yen, but apparently with the new surplus in the US budget, there is now an actual SHORTAGE of US government securities in the financial markets. Apparently they get used as collateral for all kinds of transactions, and there are now not enough. So, the BOJ's sales were most welcome. No wonder the New York Fed helped out. Barkley Rosser On Thu, 16 Apr 98 2:37:25 EDT boddhisatva <[EMAIL PROTECTED]> wrote: > > > > To whom..., > > > > Late night reports of official Japanese reaction to the G7 > communique on for-ex make the Japanese mind-set a little clearer. Either > they are playing it extremely cute or they are living in a dream world. > The latter seems more likely. The communique quite clearly emphasized the > view that the Yen should be strengthened through Japanese internal > economic policy. While it left open the possibility of concerted > intervention, it did so only in the case of imbalances in the market. The > Japanese officials, however, emphasized the very small opening left for > concerted intervention and expressed surprise that Japan's situation was > the focus of so much discussion. I fear these guys are living in a > fantasy where staying the course will produce renewed Japanese economic > strength. That seems to include staying the strong Yen course, but the > BoJ seems to be alone in that effort whether it knows it or not. > > > > The Yen was bid to as low as 131/dollar, but moved back up a bit > to around 130. It's 2:00 a.m. EST and the trend on Globex has been > bearish since I first checked it at midnight, however no break-out is > evident at the moment and I don't know what the actual exchange rate was > at midnight since I was getting the June future. Reuters reported of a > poll of economists which was interesting, showing a bearish trend on the > Yen despite BoJ intervention and suggesting that Yen outflows could offset > downward pressure on dollar/Yen caused by the current account deficit. It > is a brave new world in Tokyo. > > > > > > > peace > > -- Rosser Jr, John Barkley [EMAIL PROTECTED]
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Boddhi, The fact that the T-bill sale by the Japanese went through the New York Fed in a single block proves that it was coordinated. Essentially the Fed incorporated this sale, which could have been spread out, into its own open market operations which are carried out by the New York Fed. Barkley Rosser On Fri, 17 Apr 98 5:02:45 EDT boddhisatva <[EMAIL PROTECTED]> wrote: > > > > > > > C. Rosser, > > > > I don't think that there is a shortage of treasuries out there. > Selling treasuries doesn't do the Yen any good unless you then use the > proceeds to buy Yen. If treasury sales raise U.S. interest rates, the > spread between Japanese and American yields gets wider. I think the > Japanese were using the big sale to threaten the markets with their > immense reserves. I'm sure Washington approves of anything that keeps the > Yen higher (note recent earnings reports' citing for-ex losses), but I > don't think this is coordination. > > > > > > peace > > -- Rosser Jr, John Barkley [EMAIL PROTECTED]
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C. Rosser, I don't think that there is a shortage of treasuries out there. Selling treasuries doesn't do the Yen any good unless you then use the proceeds to buy Yen. If treasury sales raise U.S. interest rates, the spread between Japanese and American yields gets wider. I think the Japanese were using the big sale to threaten the markets with their immense reserves. I'm sure Washington approves of anything that keeps the Yen higher (note recent earnings reports' citing for-ex losses), but I don't think this is coordination. peace
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I think that none of the three bachelors succeeded in their quest. Timework Web wrote: > Michael Perelman wrote, > > >Didn't Churchill and Roosevelt refer to him as Uncle Joe? As I recall > >the inventor of the condom left his estate to the Bolsheviks. His family > >appealed and his estate went to his three daughters. In order to reclaim > >their rightful wealth, the Bolsheviks dispatch their three months > >eligible bachelors to court the young women. Stalin was one of the > >three. > > And the punch line is . . . ? > > Tom Walker -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]
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Michael Perelman wrote, > I think that none of the three bachelors succeeded in their quest. I guess I was expecting some sort of a twist on the cinderella tale. Tom Walker
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ravi wrote: > > set pen-l mail postpone > > terribly sorry about that (and for this email also). that was supposed to go to the list processor, not the list. to not entirely waste this message, here's an interesting piece of news regarding EU investigation of microsoft. --ravi http://news.lycos.com/news/story.asp?section=MyLycos&pitem=BUSINESS%2DTECH%2DMICROSOFT%2DEU%2DDC&rev=20010830&pub_tag=REUTG EU Probes Microsoft Use of Media Player by David Lawsky Thursday, August 30, 2001 12:46 a.m. EDT [Reuters] BRUSSELS (Reuters) - The European Commission is investigating whether Microsoft Corp is trying to damage rivals by embedding its proprietary audio/video software, Media Player, into its Windows operating system, it said on Thursday. The Commission, announcing an expansion of an earlier investigation into Microsoft, said Media Player cannot be readily removed by computer makers or consumers. It said that places at a disadvantage rivals in the market for watching video and listening to audio over the Web like Real Network's RealPlayer or Apple's QuickTime. The Commission said it is also investigating whether one version of the firm's operating system, Windows 2000, is designed to work better with its own servers than those of rivals. The Commission said it was combining the newer case, in which it issued a formal Statement of Objections, with a similar case covering Windows 98. For now, however, the Commission said it was stopping short of expanding its investigation to cover a new Windows version, XP. A number of firms say that Windows XP excludes them in the same way -- or worse -- than earlier systems did. "At this stage the Commission is not conducting an investigation into Windows XP," Commission spokeswoman Amelia Torres said in response to a question at the Commission's daily briefing. No interim measures would be taken against the company while the probe went on. The company expressed confidence it would be cleared by the Commission of any wrongdoing. "We are confident that once it has completed its investigation, the European Commission will be assured that we run our business in full compliance with EU law," said Jean Philippe Courtois, president of Microsoft in Europe, the Middle East and Africa. Microsoft stock was down nearly $3 in morning trading to $57.26 in a weak market. Competition Commissioner Mario Monti said the investigation was necessary to create a fair marketplace in an arena vital to computing and communications. "Server networks lie at the heart of the future of the Web and every effort must be made to prevent their monopolization through illegal practices," Monti said in a statement. "The Commission also wants to see undistorted competition in the market for media players," he said. Spokeswoman Torres said the Commission's case was unrelated to actions in the United States, where an appeals court ruled unanimously that Microsoft illegally abused its monopoly power. The appeals court threw out a plan to break up the company in part because a lower court judge made procedural errors. Next month in Washington a new judge will consider what actions should be taken to remedy the firm's illegal practices. SERVER COMPETITION Microsoft is competitive but not dominant in the market for inexpensive servers. Servers are computers that help run PC networks, storing files, printing documents, operating Web sites and providing Web access. A large number of servers use one of the Unix family of operating systems, such as Linux, but experts say Microsoft's share has grown steadily, from about half the market to nearly 60 percent. Microsoft designed its systems to work well with Microsoft server software but the Commission said it has withheld necessary information from rivals. It said those who want to use rivals' products must still buy Microsoft servers. "If customers choose not to use an all-inclusive Microsoft scenario for PCs and servers, but decide to use competing server products they are forced to bear a double cost," the Commission said. The company's strategy may "artificially drive customers toward Microsoft server products, reducing choice to the detriment of the final customer," the Commission said. Media Player is software that permits the viewing of moving pictures or listening to audio, without waiting for it to download first. The Commission said Microsoft is depriving "PC manufacturers and final users of a free choice over which products they want to have on their PCs, especially as there are no ready technical means to remove or uninstall the Media Player." John Frank, an associate general counsel with Microsoft in Paris, said his firm's Media Player uses a format that is "far more open than our competitors due to our broad licensing." He said it was helpful for programmers to have Media Player built into the system.
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>>> [EMAIL PROTECTED] 12/04/00 07:52AM >>> thx, charles, for the lenin comments on Marx. i've printed and collected a bunch of poster comments like yours, printed a bunch of essays from louis's marxmail last night and ordered about 20 books on the subject via the internet. also, i started to read about marxism in some philosophy books that i have at home over the last weekend. my intent is to put all other reading aside for the time being and concentrate on my "unfinished business" of understanding the marxist and socialist positions in depth. i'll be taking my mass of reading material with me over a 10 day Xmas vacation when i can develop a large part of my time to this subject. when i sub back onto pen-l on 1/2, (i'm unsubbing on 12/22) be prepared for lots of questions! norm ((( CB: Nice going , Norm. Did anyone mention _Value, Price and Profit_ yet ? It was explicitly a popular lecture by Karl Marx on the fundamental's of his approach to political economy.
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I wrote: > >>One of the reason why economics is bombarded by so much worthless > research is because people do it simply to climb up the academic ladder > rather than because they're genuinely interested in it.<< Saith Ian: >Isn't it more accurate to say that economists "bombard" one another with >useless theory driven facts because they [male bashing alert] enjoy >setting up arguments in order to try and win them? The term academic >ladder says it all. Productive dialogue/multilogue is rare, esp. in the US >'cause the king of the hill model of communication is so internalized. In my experience, most female academics have totally been acculturated. Maybe as the female/male ratio rises, the nature of academia will change, but I haven't seen that yet. Maybe I'm excessively pessimistic. Jim Devine [EMAIL PROTECTED] & http://bellarmine.lmu.edu/~jdevine
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With your growing CV, you should apply for the City College job! David >From: Eugene Coyle <[EMAIL PROTECTED]> >Reply-To: [EMAIL PROTECTED] >To: Pen-L Pen-l <[EMAIL PROTECTED]> >Subject: [PEN-L:8912] No subject was specified. >Date: Sat, 10 Mar 2001 11:30:08 -0800 > >Below is a review I just published in the Jan 2001 BLS' "Monthly Labor >Review." > > >Gene Coyle > > > >Work-time reduction > >Sharing the Work, Sparing the Planet. By Anders Hayden. New York, >St. >MartinÕs Press, 2000, 234 pp. $65, cloth; $22.50, paper. > >Canadian author Anders Hayden adds a powerful new dimension to the >array of >arguments for reducing hours of work. Sharing the Work, Sparing the >Planet >stands out for that reason from the recent stream of books >advocating >cutting the hours of work. Hayden shares the concerns of many >writersÑjob >creation, improved quality of life for the employed, balancing work >and >family, and equity between North and SouthÑbut adds a >compelling >environmental basis for cutting working time. It is among the very >best >books on the subject of working time. > >Many recent books have offered work-time reduction as a single solution >for >multiple problems. Unemployment, declining quality of life, and >stress on >the family and individuals have each been the focus of books >advocating >cutting hours of work. HaydenÕs is a more encompassing vision, taking in >all >these issues and more, and his voice adds a rich new dimension to >the >symphony. > >The book focuses on the role of reducing time in achieving >ecologically >sustainable development, addressing at the same time equity between >the >North and the South. Hayden demonstrates a wide-ranging command of >the >multiple issues that reduction of working time can address, and >adds a >mastery of the literature. > >Hayden begins by recalling that since the beginning of the >Industrial >Revolution, people have had two motives for a reduction in working >time, >getting more hours away from work, and creating more jobs through a >better >distribution of the available work. These remain every bit as >pertinent, he >says, but this focus is on the ecological gains to be achieved by >work-time >reduction. > >The stress that consumption in the North puts on the earthÕs ecology is >the >main concern of the book, and Hayden develops a powerful thesis to >address >it. Acknowledging a rift in the environmental community about how to >deal >with ecological problems, Hayden draws a distinction between >two >campsÑ"sufficiency" and "efficiency." The latter group, he argues, >believes >that environmental impacts can be reduced by better use of inputs, so >that >material sacrifice is unnecessary, and unlimited economic >growth is >possible. In contrast, the "sufficiency" camp of the green >movement, to >which Hayden clearly belongs, believes that reducing inputs per >unit of >goods and services, while good in itself, must ultimately fail to save >the >earth. He asserts that "although the ecological crisis does clearly call >for >a more efficient use of non-human nature, this response has >serious >limitations. Growth in GNP without input growth is little more >than a >theoretical possibility at present, and in any case zero input growth is >not >enough. Significant reductions in input in the North are necessary." >The >author argues that achieving that end can come through reductions in >working >time. > >Make no mistake, this book is about work-time reduction, though sparing >the >earth is a main goal. The headings of the remaining chapters make the >bookÕs >scope clear: "Working Less, Consuming Less, and Living More"; >"Work-time >Reduction and an Expansionary Vision"; "Why ItÕs So Hard to Work >Less"; >"Work-time Policy and Practice, North and South"; "EuropeÕs New Movement >for >Work-time Reduction"; and "With or without Loss of Pay? With or >without >Revolution?" > >It is outside the scope of the book to provide a history of the struggle >for >the shorter work dayÑfor that, in the United States, see Roediger >and >FonerÕs Our Own Time: A History of American Labor and the Working Day >(pp. >44?49.) But Hayden does trace some important voices who have spoken out >for >work-time reduction over the past two centuries. This enriches his >argument >and provides a brief background for the reader new to the issue of >work-time >reduction. > >For readers more conversant with the issue, the long chapter on steps >taken >by European countries for reducing hours of work will be very useful, >as it >goes into great detail on what is happening now outside the United >States. >France, where a series of laws over the past 10 years have made real >changes >in work time, gets 11 pages of reporting. Germany, where changes have >come >more through collective bargaining, also gets full coverage, as
[PEN-L:4610] Re: (no subject)
Nathan, you have to send the request to [EMAIL PROTECTED] -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]
[PEN-L:4599] Re: (no subject)
Thanks. I continue to find the near silence in the media about this "stealth" vote rather amazing. It appears that there were three Dems voting no, Bingaman, Feingold, and Hollings, of whom only Feingold can be said to be at all on the left. Of course one could get cynical and say that it was an appeal to the non-trivial Serb vote in Milwaukee, but then Feingold was the only Dem in the Senate to oppose Byrd's "end the impeachment" motion. Barkley Rosser -Original Message- From: [EMAIL PROTECTED] <[EMAIL PROTECTED]> To: [EMAIL PROTECTED] <[EMAIL PROTECTED]> Date: Thursday, March 25, 1999 9:03 PM Subject: (no subject) > Barkley Rosser wrote > >There was a vote about this in the US Senate, approving >>it by 58-41. Somehow in the midst of all its stories the W. Post >>failed to say who voted how, although obviously this was not >>party line. I gather most (if not all) of the 41 were Republicans. >>But, is there anybody out there who knows what the actual >>lineup was? > >Here is the vote from the Senate webstite: > >*** > > (Rollcall Vote No. 57 Leg.) > >March 23, 1999, 7:55 PM > >BILL NO.: S.CON.RES.21 > >TITLE: S.Con.Res. 21 > >REQUIRED FOR MAJORITY: 1/2 > >RESULT: Concurrent Resolution Agreed to > > YEAS---58 > >Abraham HagelMikulski >AkakaHarkin Moynihan >Baucus HatchMurray >Bayh Inouye Reed >BidenJeffords Reid >BoxerJohnson Robb >Breaux Kennedy Rockefeller >BryanKerrey Roth >Byrd KerrySarbanes >Chafee Kohl Schumer >Cleland Landrieu Shelby >Conrad Lautenberg Smith Gordon H >Daschle LeahySnowe >DeWine LevinSpecter >Dodd LiebermanTorricelli >Dorgan Lincoln Warner >Durbin LugarWellstone >Edwards Mack Wyden >FeinsteinMcCain >Graham McConnell > > NAYS---41 > >Allard Enzi Kyl >Ashcroft Feingold Lott >Bennett Fitzgerald Murkowski >Bingaman FristNickles >Bond Gorton Roberts >BrownbackGrammSantorum >Bunning GramsSessions >BurnsGrassley Smith Bob >Campbell GreggStevens >Collins HelmsThomas >CoverdellHollings Thompson >CraigHutchinson Thurmond >CrapoHutchisonVoinovich >Domenici Inhofe > > NOT VOTING---1 > >Cochran > >*** > K. Mickey >
