Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

No, no. In fact, it follows right on with what Nathan was just answering. That is, for the moment we are creating kind of a broader in-list for these four countries and stigma with the non-accepted group at this point. What will happen, then, if we do have an issue that involves—pick a country—Chile? Are we going to send them to the IMF? Are we going to have our subcommittee make a decision as to whether to give them a swap? If we do that, will that then create uncertainties about others? Are you really not concerned about the stigma and the implications of this, especially—I guess they are asking this in anticipation of the possibility, even though they think it’s fairly remote—would we not be increasing the probabilities of a problem by doing this now? I know these are tough questions; but in this environment, I am anticipating a bad event. So what do we do in the case of that bad event?

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