Word: libor
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...Because all of these countries are growing more robustly than the U.S., their interest rates are higher, thus creating a short-term opportunity for traders. Here's how it works with a currency like the Indonesian rupiah: the six-month London Interbank Offer Rate (or LIBOR, the benchmark for U.S. dollar borrowing), is now hovering at slightly less than 1%. That rock-bottom rate stands in stark contrast to the 6.5-7% rate of interest one can get from a short-term money market bill in Indonesia, where the 5-year government bond currently yields roughly 9%. The wide...
...highlighted his long-term plans for education, energy independence and health care - all of which, he argues, are essential to the long-range vitality of the U.S. economy. But to borrow from Keynes again, in the long term, we'll be dead, and in the short term, the LIBOR rate - that esoteric measure of financial vigor - has been creeping in the wrong direction again. "The public really needs to know what he thinks is important," says a senior Democrat. "There's no prioritization...
...tearful Alan Greenspan confessed yesterday that he never was Chairman of the Federal Reserve Board, as he alleged in his best-selling autobiography, Irrational Exuberance, published last fall. The book's melodramatic descriptions of gray-haired men sitting around large conference tables talking about things like "libor" and "basis points" were "complete fiction," Greenspan now admits. He said he would return the $8.5 million advance he received from his publisher "just as soon as I can get back to the Fed and print it. Oh, wait. I made that up. I've never been inside the Fed in my life...
...more mind-boggling question: Will we ever get a TIME magazine with complete pagination? LIBOR BROM Barrington...
...suggests James Grant, editor of Grant's Interest Rate Observer. "There is a continuous electronic display of the most obscure and arcane financial information imaginable, and the crowds on the street look up and don't seem to think there's anything odd or misplaced about it." Ticks, euros, LIBOR, basis points--a new language...