My absurd experiences in North America over the years

As Li Fu emerged from the clubhouse in Suzenberger, the Manhattan night breeze carried a damp chill, causing the hem of his trench coat to flutter loudly.

Cole lit a cigarette by the river.

"There's a charity gala at the Waldorf Astoria the night after tomorrow. You'll come with me."

Li Fu also lit a cigarette, but before he could light it, he paused for a moment, "Is this a banquet hosted by high-ranking political officials? That kind of occasion is not suitable for me."

"It's not a matter of whether it's suitable or not, there's someone you need to meet, and you can't refuse," Cole insisted.

Li Fu didn't say anything more. "Fine, let's go!"

Anyway, I'll eventually have to get to know those important people.

The grand ballroom of the Waldorf Astoria Hotel was transformed into a giant pumpkin lantern on the evening of October 31st.

Dozens of guests mingled and drank to the music of Gloria Estefan and the Miami band.

Some people are playing Texas Hold'em at the gambling table, some are leaning against the bar drinking martinis, and some are dancing to salsa rhythms on the dance floor.

Li Fu, dressed in a dark gray suit, stood on the terrace on the side of the banquet hall, holding a glass of champagne that he hadn't touched.

Cole was pulled away to a social engagement, leaving him alone.

Below the terrace is a lawn illuminated by lights, and in the distance is the Manhattan skyline, with the spire of the Empire State Building shining like a luminous anchor in the night.

He stood there for almost ten minutes, but instead of seeing the person he needed to see, he saw two very unexpected faces.

Paris Hilton emerged from the banquet hall, wearing a silver halter dress and with her hair down, still sporting a trendy look.

Beside her was a tall, blonde woman wearing a black off-the-shoulder dress and a delicate diamond necklace. She had a graceful smile and composed demeanor, and her figure and appearance were absolutely stunning from afar.

Li Fu had never seen her before, yet he recognized her at a glance.

It was Ivanka Trump.

He had seen it many times in news and short videos in his previous life.

The real person is much better looking than in photos and videos.

Ivanka, who is 27 years old now, will be much younger than Trump will be when he takes the presidency eight years from now.

Paris Hilton was too busy with social engagements to notice Li Fu.

The last time the two met was in a private room at a private restaurant. Now, more than two years later, things have changed considerably.

At least Li Fu's status and position are no longer what they used to be.

Li Fu turned sideways and hid in the crowd.

In this situation, he was less inclined to meet with Hilton, who was known for his penchant for generating buzz.

Ivanka's gaze, however, fell on him.

There weren't many young men at this event, and one of them was quite good-looking, but since they were complete strangers, she looked away after glancing at him a couple of times.

Halfway through the banquet, Reed walked out of the banquet hall, accompanied by a man who looked to be around sixty years old.

He was dressed casually in a relaxed outfit, without a tie. His hair was gray but neatly combed, and his skin was unusually pale, like someone who had sat in an office for many years without ever getting any sun.

Reed saw Li Fu wave to him.

"Li, this is Donald Cohn, Vice Chairman of the Federal Reserve," Reid said, his voice brimming with excitement. "This is Li, whom I introduced to you before."

The two shook hands politely, and then Li Fu felt a little uneasy. The person he wanted to see was actually the Vice Chairman of the Federal Reserve?

“Reed often talks about you,” Cohen said in a friendly tone. “He said you predicted early on that things would get out of control, and that you were right about every single step of the major events.”

"You flatter me. It was probably just a lucky coincidence," Li Fu said casually.

Cohen smiled but didn't reply immediately.

He picked up the champagne from the waiter's tray, took a sip, and gazed at the distant Manhattan skyline.

"It's not easy to meet you. May I ask you a question?" He was the vice chairman of the Federal Reserve, but his attitude was surprisingly good.

"Please speak," Li Fu said, knowing he shouldn't put on airs now; after all, they might be allies in the future!

"What do you think we should do next to turn the situation around?" Cohen's voice wasn't loud, but his tone was very serious.

The terrace was relatively quiet, and there weren't many people around.

This seems to be the only appropriate occasion to discuss this issue.

Li Fu had carefully observed Cohen. He noticed fatigue and anxiety in Cohen's eyes, as well as a calmness unique to someone who had been navigating the political landscape of Washington for over twenty years and had seen all sorts of situations.

This is not the kind of politician who just sits around doing nothing.

"Interest rate cuts, capital injections, and takeovers are all the right moves, and you and Chairman Bernanke are already doing them," he said with a shrug, speaking very politely.

“That’s not enough,” Cohen shook his head. “If the market doesn’t regain liquidity, then a large number of businesses will go bankrupt and close down every day, and the wave of unemployment will not be alleviated.”

Li Fu remained silent for a moment; he knew it was true.

Bankruptcies and unemployment have swept across the United States, and the general public has no idea how many people have gone bankrupt.

The night breeze blowing across the terrace caused the champagne in the glasses to sway slightly.

"Personally, I think that if liquidity is to be restored, the Federal Reserve needs to buy a lot of long-term Treasury bonds and mortgage-backed securities to bring down long-term interest rates," Li Fu turned around and faced the Manhattan skyline, "and keep buying until the market believes that the Federal Reserve will continue to invest."

Cohen frowned slightly. "How much is 'a lot'?"

"In the hundreds of billions," Li Fu said, making a startling statement.

This is done to restore confidence in the financial markets and make bankers feel that it is profitable.

"And then?" Cohen continued to ask.

"Congress should pass the $700 billion bailout bill as soon as possible, but it should not be aimed at Wall Street financial institutions, but at helping small and medium-sized enterprises that cannot survive next month due to the credit freeze," Li Fu continued.

The purpose of doing this is, of course, to help small and medium-sized enterprises, which constitute the main body of the market, weather the winter.

If the main body is damaged, then repairing other parts won't make much difference.

This is something the Federal Reserve will undoubtedly find very difficult to do.

But Cohen knew that this was indeed the right move.

Having experienced the financial crisis in his previous life, Li Fu's statement was the only correct answer he later came to.

Only when liquidity recovers can the market have a financing environment.

With a favorable financing environment, small and medium-sized enterprises (SMEs), as the main players in the market, can weather the storm.

Only when small and medium-sized enterprises (SMEs) weather the storm can the economy recover.

This is a complete cycle.

So, going back to the source, to restore liquidity in the financial markets, the market needs sufficient confidence. What the Federal Reserve needs is not just one round of repurchases, but continuous increases in its efforts. Every time the market thinks it's time to stop, it needs to increase its efforts again.

Until the market's panic was completely overwhelmed by liquidity.

This is the most direct and effective method.

However, it is difficult for the Federal Reserve to put it into action.

The terrace was quiet for a while.

Cohen looked at him, his eyes shifting uncertainly.

"We have considered what you said, but not everyone agrees; there are differing opinions within the committee."

"I know some people are worried about investment risks, and some are acting in their own self-interest... They may not realize that in the face of the Great Depression and the loss of many lives, none of those things matter."

Li Fu stated his views in one breath.

Strictly speaking, this is a solution based on socialist thinking, prioritizing the overall situation regardless of cost.

As he thought, the Federal Reserve was unlikely to do so, and Congress was likely to continue its tug-of-war over the bailout bill.

Who cares about the survival of small and medium-sized enterprises?

Cohen sighed. "I wish you were saying this in Congress in Washington."

He is a pragmatist, but pragmatists often face the greatest resistance.

The two did not delve further into this issue.

There's no point in going any further.

Instead, we chatted casually about some entertainment gossip, such as Taylor Swift's new song and upcoming Hollywood blockbusters.

At this moment, Paris Hilton finally noticed Li Fu and brought her childhood best friend Ivanka over.