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This is CBSI on the world. I'm John Batsford, welcoming my colleague Joseph Sternberg.

Member of the editorial board of the Wall Street

Journal. He writes political economics. He's in London, observing the brouhaha of the Fed Mahal.

Joseph, a very good evening to you. I didn't follow this story when it first appeared, but now I

read it in the Financial Times. It's apparently a thing.

Two and a half billion dollars to renovate the Federal Reserve Board meeting place in Washington,

an underground garage, a glass enclosed atria, and a private dining room.

This ordinarily would be understood as government grotesquery,

because I've noticed whenever I've visited Washington's buildings,

they're very big hallways because they don't actually worry about making money.

It's always coming in, so you can waste all that space with the hallway.

But the Federal Reserve looks to be making a virtue out of spending money lavishly.

...