[Dixielandjazz] Reuters MacroScope

[Andrew Homzy]

Those guys got it wrong -

We should be more like Duke Ellington - viz. -

The Duke was summoned to a meeting with the President of Columbia Records.

Duke entered the posh office in mid-town Manhattan and was asked to sit down.

"Duke", said the President, "Im sorry to say, you aren't selling any records."

Ellington stood up - and before he turned away to walk out the door - said:

"I thought I was supposed to make the records - and you were supposed to sell them."

Who can remember the name of a bank president - or what they did for humanity and culture on this planet? 

Cheers,

Andrew



On 2011-11-29, at 5:29 PM, Stephen G Barbone wrote:

> Below are the opening 2 paragraphs about a meeting as reported by REUTERS. Question: Should central bankers be more like Miles Davis or more like a Dixieland Band. For those with an interest in such things, the full article is at:
> 
> 
> http://blogs.reuters.com/macroscope/2011/11/29/monetary-policy-as-improv/
> 
> Yeah, but is it jazz? <VBG>
> 
> Cheers,
> Steve Barbone
> www.myspace.com/barbonestreetjazzband
> 
> Monetary policy as improv
> NOV 29, 2011 14:16 EST
> 
> Should central bankers be more like Miles Davis — experimental, improvisational, and out in front — or a Dixieland band — traditional, predictable, and in the background?
> 
> That question was the theme of a discussion at the Council on Foreign Relations in New York yesterday morning that featured Arminio Fraga, a former governor of the Central Bank of Brazil; Kevin Warsh, a former governor of the Federal Reserve Board; and Adam Posen, an American economist who currently sits on Bank of England’s Monetary Policy Committee (and who coined the Davis/Dixieland dichotomy). Within the panel, which was entitled “Central Banking in an Age of Improvisation,” there was discord about how activist monetary policy should be when interest rates are already at the zero bound and when the economy was not undergoing a financial crisis.
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