章節 332: Chapter 332: The Departed Titan
Paul Volcker announced he would not seek re-election. While the news came as a surprise, it was also somewhat expected.
Clearly, excessive bank interest rates had stirred considerable conflict. This titan insisted on using high rates to crush inflation.
The effect was certainly significant, yet many small businesses and farmers became victims. If he continued to be so stubborn, it could endanger his legacy.
In a country where guns were rampant, feeling like a target wasn't pleasant.
Of course, the person sitting in the Oval Office was not fond of him either.
"With rates that high, how can you lift GDP? No one's investing, and what's left of employment in this country?"
Didn't he see? That scoundrel William White was buying up government bonds.
Now, the stubborn old fellow had gone off to teach. Hopefully, he would have a pleasant time and never come back.
William White remained remarkably calm about the situation. The old man was not without smarts; he clearly knew it was time to retire. If he kept pushing, it could end badly for him.
In fact, the United States pulling itself out of that economic crisis was largely thanks to Paul Volcker. He had not only ended the Bretton system -- the biggest hurdle in U.S. economic development -- but also completed the task of industrial transition.
As the head of the Federal Reserve, his work had been quite commendable. As for the actor now filling the seat, well, that was just performance art, and it would all wrap up in a few years.
For decades to come, he would remain a titan that everyone looked up to. However, he had opened Pandora's box. As long as America needed it, they could print money whenever necessary.
As for inflation? Sorry, that's your responsibility, other countries. It would be best to buy some Treasury bonds. Otherwise, once all those dollars flood the market, double-digit inflation would be unavoidable.
...
"Sir, the Federal Reserve has sent clear signals about lowering interest rates," Filson said seriously. He was sure that if the news were confirmed, the stock market would soar again.
"Ha! I don't mind it. If I wasn't sure before, I'm positively certain now that a major shift is coming to the stock market." William White said with confidence. Sure, cutting rates could boost investment, but the risks were substantial.
What was most frightening was that in the U.S., there were no tangible investments left; all the money would flow into finance. Over time, the U.S. would inevitably face industrial hollowing.
William White believed that the financial sector should serve the real economy. You couldn't flip the relationship between the two; that wasn't a healthy economy.
"Sir, our think tank still insists that the U.S. stock market is overheated and facing serious problems."
"Yeah, I believe your judgment. Don't pay attention to the outside chatter. The market's a bit too wild; they can't hear the warning signs. Most importantly, I really have no reason to take risks. You see, there's a huge gap between the world's richest and everyone else. I hope they can pick up the pace; I can afford to wait a bit."
Filson found himself speechless. He thought to himself, "Even if you slept for ten years, no one could close the gap with you. If we factor in your wealth from those funds, the top ten conglomerates don't even compare; you've surpassed the wealth of at least half of them, combined."
William White felt some worry; he didn't have to sweat the details but had to devise a broad strategy. The dollar's devaluation was a given; he needed to ensure his assets appreciated.
...
"William, there's been a change in the Federal Reserve's leadership. Don't you think you should pay a visit?" To be honest, Bush Jr. was looking out for him; or rather, to them, William White was a significant ally.
"Alan Greenspan? Ha! Our philosophies don't align. You might not believe it, but despite the old man not liking me much, I actually admire his policies." After hearing that, Bush Jr. was a bit stunned. He never expected that a policy loathed by Texas farmers could be appreciated by William White.
"Really, William? If those high rates continue, we're done for on jobs."
"What about inflation? You're not unaware that they're printing dollars, are you? Lowering rates would just be like drinking poison to quench one's thirst."
William White saw no need to curry favor; he understood the inherent tension between them. Unless his family secured a seat in the Federal Reserve.
Of course, no one liked the idea of a new player joining the game. They'd been at it for years; why should they accept a newcomer?
What? You have more money. Ha! Every year, they decide how many dollars get printed. More money is just a number.
Why do American companies love to borrow like crazy?
Because they don't see those green bills as real cash. It doesn't matter how much money you have; you need fixed assets. Otherwise, everything is just vapor.
Declining Bush Jr.'s goodwill felt pointless to William White. He figured it was time to go out and have some fun.
...
"Interesting, he actually likes tight monetary policy; that's not typical for someone in finance."
"Old man, I think he's worried about inflation."
"Ha, that makes sense. This guy has too much money, so of course, he's worried about protecting his assets. Legendary World suffered a significant loss this time."
"Dad, do you think the folks at the Justice Department are really that dumb? They've turned into a global laughingstock."
"Ah, son, it's all about interests. It's just unfortunate that someone miscalculated."
...
It's more than just miscalculating; the Justice Department had become a battlefield. There were already accusations of treason flying around.
Of course, the folks in Japan were also caught in the crossfire. What made their market immune? That was infuriating.
To everyone's surprise, the Japanese indicated that the royalty system in Legendary World was quite effective; they were just borrowing it for a bit. They couldn't understand why anyone would oppose such a policy.
Those who got burned seemed quite content. "What's it to you spectators? If we hadn't adjusted our strategies in time, we wouldn't have made it through this."
The difference was that the money originally meant for Legendary World now had to come to our association.
This slap in the face echoed loudly.
Once the news came back, the U.S. couldn't keep looking for trouble. After all, everyone involved had their standing; you couldn't play dirty forever.
With this additional issue, the Justice Department faced inevitable scrutiny. Was this really self-sacrificing for others?
The logical chain William White connected was alarmingly straightforward. It even created a stir within the Justice Department. If they continued down this path, who knew what shape things would take?
...
The Japanese also stated that regarding the PS2 project, they would collaborate closely with Legendary World. This time, they participated as partners.
The truth emerged: Legendary World had changed channels. Good luck trying to tackle the monopoly issue now.
This round, Legendary World would undoubtedly withdraw from the U.S. Then, let's see how you fools explain yourselves.
*****
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