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SEOUL http://www.bearsauthenticofficialonline.com/authentic-jim-mcmahon-jersey.html , June 11 (Xinhua) -- Former U.S. Federal Reserve Chairman Alan Greenspan has been criticized by some for his "intentional" bubble-forming in the United States to counter the burst of another bubble.
Greenspan's terrible blunder may be likened to Bank of Korea ( BOK) Governor Lee Ju-yeol and six other members of the monetary policy board, who decided Thursday to cut the policy rate by a quarter percentage point to 1.50 percent.
The BOK entered an uncharted territory in March as it lowered the benchmark rate below 2 percent for the first time in history. A month later, household debts posted the largest monthly increase in history on surging demand for mortgage loans amid the lowest lending rates.
Governor Lee "unusually" talked of a shared view among the policy board members during the press conference, saying that efforts at structural reform would be essential for a sustainable growth and that it would need to deal more actively with household debts as the additional rate cut serves to expand the liabilities.
Despite the shared concerns, the rate cut came as the outbreak of the Middle East Respiratory Syndrome (MERS) was feared to erode the already lackluster economy caused by faster fall in exports and fragile domestic demand.
MERS infections increased to 122 on Thursday since the first case was identified on May 20. Consumers refrained from going outside for shopping http://www.bearsauthenticofficialonline.com/authentic-jerrell-freeman-jersey.html , and many of social and political gatherings were cancelled.
As the central bankers mentioned, the country's fragile domestic demand stemmed mainly from structural factors such as aging population, low birth rate, concerns about after-retirement life and low pay that cannot be tackled with low interest rates.
The accelerating fall of exports cannot be prevented by the central bank's accommodative monetary policy as the global economy has yet to get back on a full-fledged recovery track.
The "ineffective" rate cut was reminiscent of the Fed headed by Greenspan for 18 years from 1987. To counter the dot-come bubble burst in 2000 and the Sept. 11 terrorist attack in 2011, the U.S. central bank had maintained the federal funds rate below 2 percent for an extended period of time.
The record-low rates caused a "dangerous" illusion http://www.bearsauthenticofficialonline.com/authentic-hroniss-grasu-jersey.html , called a wealth effect, that U.S. consumers spent more money as they thought of themselves as being richer than they were due to higher home prices caused by the low rates.
In the United States, consumers borrowed money to purchase home with the lowest interest rates at that time as is now the case with South Korean consumers.
The illusion turned out to have been the most dangerous after the 2008 global financial crisis erupted. Greenspan was described by some as a criminal offender for creating a bubble in the housing market.
The BOK opened a door to the Fed-style bubble-forming path. During the Greenspan era, the Fed's rate cuts were made to counter the dot-com bubble burst, but Greenspan was blamed for his reaction to a bubble with another bubble.
Now http://www.bearsauthenticofficialonline.com/authentic-gale-sayers-jersey.html , South Korea doesn't even have any bubble burst. It would be very hard to say the South Korean economy is in a serious state of crisis. Even during the 2008 financial crisis, the BOK's policy rate stayed above 2 percent. "It is true that concerns exist about a bubble caused by an increase in household debts. It is also true that such worries become stronger when excessively depending on monetary policy," said Governor Lee.
SAO PAULO, Dec. 1 (Xinhua) -- Kaka has admitted to being overcome with emotion after bidding farewell to Sao Paulo's fans at the Morumbi stadium.
The 32-year-old was given a rousing reception after his team's 1-1 draw with Figueirense on Sunday, his last home match before joining new US Major Soccer League franchise Orlando City.
"It was emotional...my teammates congratulating me and the fans applauding. The week has been very special http://www.bearsauthenticofficialonline.com/authentic-eddie-jackson-jersey.html ," Kaka said.
He will play his last match of a five month-loan spell against Figueirense at the Arena Pernambuco on Sunday.
The 2002 World Cup winner and 2007 FIFA World Player of the Year will have little time to rest before beginning pre-season training with Orlando next month.
"Now I have a three-year contract with Orlando," Kaka said. It's not the right time to talk about coming back. But who knows what will happen in the future."
Kaka previously said he will be hungry for trophies at Orlando, in what could be his last contract as a professional player.
The former AC Milan and Real Madrid midfielder recaptured glimpses of his best form during his Sao Paulo loan and was rewarded by being recalled to Brazil's national team by coach Dunga in October.
LAGOS, Aug. 22 (Xinhua) -- The China Civil Engineering Construction Corporation (CCECC) Tuesday said the phase one of a rail transit project in Nigeria's Abuja will be commissioned by December.
The rail transit, which costs 823 million U.S. dollars http://www.bearsauthenticofficialonline.com/authentic-eddie-goldman-jersey.html , has a length of 45 km with 12 designed passengers' stations, Project Manager Kong Tao told reporters who were on tour of the site.
The rail links the Nnamdi Azikiwe International Airport to the Central Business District (CBD), he added, noting that the rail features double-track line of right side running.
"Work on the large scale project is going on smoothly," the manager said.
According to him http://www.bearsauthenticofficialonline.com/authentic-dion-sims-jersey.html , it will be test-run by November and be commissioned for public use in December.
He said the project, after completion, would generate employment, boost the commercial activities of the host communities and accelerate the nation's economic growth.
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