Word: schmidts
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...Bundestag Deputies interrupted Reagan with applause 21 times. At one point, Karl-Heinz Hansen, a Deputy who had been expelled from Schmidt's Social Democratic Party because of his anti-NATO views, cried, "El Salvador." Reagan paused and mock-innocently asked, "Is there an echo in here?" The Deputies showed their approval of this skillful handling of a heckler with laughter and cheers...
...Schmidt was reminded that Don Regan that very morning had promised to intervene in disorderly exchange markets. "Didn't you notice that?" asked Reagan. No, he hadn't, the Chancellor admitted. Anyway, Reagan went on to argue, even if U.S. interest rates came down, it would be "no panacea" for the world economy. As for the Fed, "we cannot order them not to publish the money-supply figures. They're an independent body, but we'll relay the message." The President finished up with a little homily about "no quick fixes" for the world...
West German Chancellor Helmut Schmidt, waiting for his turn at the microphone, became notably restless. He had to sit through yet another lesson, from Japan's impenetrable Prime Minister Zenko Suzuki...
...message: "We have kept inflation down due to the Japanese people and their character." When at last he got a chance to speak, Schmidt complained that high interest rates were choking off new investment and pounded the table as he described the link between inflation and exchange rates. "Inflation began with the Viet Nam War," he said...
...printed money to pay for oil-all of us." Schmidt said he liked the predictability and discipline imposed by the European monetary system, adding that West Germany was not going to spend its hoard of dollars to support other currencies (for which read the French franc), but only to help keep the system running smoothly. Turning to the U.S. Treasury Secretary, Schmidt said: "I like the [interest] rates you're paying on dollars, Mr. Regan." Replied Regan: "Don't get too used to that...