Trading for Freedom

以解放者為名的國度，奇妙的天空之鏡

Currencies dominated this year’s annual meetings of the International Monetary Fund. More precisely, two currencies did: the dollar and the renminbi, the former because it was deemed too weak and the latter because it was deemed too inflexible. But, behind the squabbles, lies a huge challenge: how best to manage the global economic adjustment.
In his foreword to the new World Economic Outlook, Olivier Blanchard, the IMF’s economic counsellor, states: “Achieving a ‘strong, balanced and sustained world recovery’ – to quote from the goal set in Pittsburgh by the G20 – was never going to be easy . . . It requires two fundamental and difficult economic rebalancing acts.”
The first is internal rebalancing – a return to reliance on private demand in advanced countries and retrenchment of the fiscal deficits that opened in the crisis. The second is external rebalancing – greater reliance on net exports by the US and some other advanced countries and on domestic demand by some emerging countries, notably China. Unfortunately, concludes, Professor Blanchard, “these two rebalancing acts are taking place too slowly”.
We can consider this rebalancing on two dimensions. First, the erstwhile high-spending, high-deficit advanced countries need to de-leverage their private sectors on the journey to what Mohamed El-Erian of Pimco, the investment company, called “the new normal”, in his Per Jacobsson lecture. Second, the real exchange rates of economies with robust external positions, strong investment opportunities, or both, need to appreciate, while expansion of domestic demand offsets the consequent drag from net exports.
Aggressive monetary policy by reserve-issuing advanced countries, particularly the US, is an element in both processes. The cries of pain now heard around the world, as markets push currencies up against the dollar, partly reflect the uneven impact of US policy. Still more, they reflect the stubborn unwillingness to accept the needed changes, with each capital recipient trying to deflect the unwanted adjustment elsewhere.
To put it crudely, the US wants to inflate the rest of the world, while the latter is trying to deflate the US. The US must win, since it has infinite ammunition: there is no limit to the dollars the Federal Reserve can create. What needs to be discussed is the terms of the world’s surrender: the needed changes in nominal exchange rates and domestic policies around the world.
If you wish to understand how aggressive US policy might become, read a recent speech by William Dudley, president of the Federal Reserve Bank of New York. He notes that, “in recent quarters the pace of growth has been disappointing even relative to our modest expectations at the start of the year”. Behind this lies deleveraging by US households, in particular. So what can monetary policy do about it? His answer is that “very low interest rates can help smooth the adjustment process by supporting asset valuations, including making housing more affordable and by allowing some borrowers to reduce debt interest payments. Beyond this . . . to the extent that monetary policy can ‘cut off the tail’ of the distribution of potential adverse economic outcomes  . . . it can help encourage those households and businesses with money to spend to do so”.
Above all, today’s low and falling inflation is potentially calamitous. At worst, the economy might succumb to debt-deflation. US yields and inflation are already following the path of Japan’s in the 1990s (see chart). The Fed wants to stop this trend. That is why another round of quantitative easing seems imminent.

其實已經看完原著在去看（我不大想受到電影圖像的影響，讓我無從產生自己閱讀小說的mental image），所以電影要怎麼演的梗都摸的差不多了。但是我還是要說這電影還是太可愛了～太可愛的電影了啦～我已經把這個Quota用完了，後面的節目怎麼辦？「為什麼讓我看到這麼白爛又好笑的電影啊～要是我以後看不到怎麼辦啊？」








從小說視覺化到電影，這一派演員真的「白爛的很認真」，電影就已經成功一半了，我當然特別留意GoGo 栗山千明，印象中還真沒看過她的扮醜喜感演出，制服女高殺手、美髮美少女、口罩美少女、看似靜謐卻想整個毀滅世界的護士......她的角色有夠多的啦   ~(￣▽￣)~


小說中其實最喜趣的是「入會儀式」，當時讀到的時候就覺得有夠白爛的。而電影中所創造的鬼語跟動作演出，更把這份白爛發揮到極致的地步，根本就想讓人起身效尤啊～ 至於Oni / 小鬼 / 式神的超可愛造型，應該也不用多提了，光聽到電影院裡女性觀眾此起彼落的由衷欣賞：「好可愛哦～」小鬼之討喜可見一斑    \(^ω^)/

 

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什麼都賣的Y拍，草泥馬當然也有囉～日本figma盒玩預定，不過還是雷雷＆萌萌可愛，希望動物園有天可以看到（N年沒去啦）

（南）《相應部經典。荒野經》SN01‧10

天神問：
「那些住在森林裡的修行人，過著寂靜清淨的生活，一日僅一食，如何能容光煥發？」
世尊答：