Also present, and representing a conservative view, was George Schultz. Schultz is even opposed to the U.S. supporting the IMF and World Bank, or so the newspapers report. Already present were Janet Yellin representing the Clinton Administration s Council of Economic Advisors and a former member of the Federal Reserve Bank. Also attending from the Midwest was Bill Poole, formerly of Brown University, a former member of the Reagan Council of Economic Advisors and a current member of the Federal Reserve. Western policies and economic interests have a powerful effect on the world s economy and the U.S. action or lack of action, especially with the Russian Republic, had its economic effect.
Scapegoats are useful for the press, but a serious solution needed to be found.
Hence the meeting at Stone House Inn. Financial experts and economists have defended these investment methods on the basis that the real dollars involved are not that great and that the risk has never been unusual. However, these are arguments made by people with a vested interest. Even Gordy and I know that the economic system depends greatly on people s trust. Perhaps, like global warming, a small change in something may trigger a larger, unexpected effect.