Ye Old Oil
Newsletter of the Rotary Club of St. Matthews
Date: June 13, 2007
Location: Breckenridge Inn
Time: Wednesday at Noon
Call To Order:
President Marty Koetters opened the meeting and Therese Crumes led us in the prayer and the pledge.
Visiting Rotarians & Guests:
Bull made the introduction of Bill Blocker from Downtown, our only visiting Rotarian.
Door Prizes:
Jay Wissing was lucky with a winning ticket for a ceramic cup. [Was this last week’s prize? Maybe it will appear next week again.]
Robert Burns took a poster of a good lookin’ model back to his guys at the shop.
D.A. Sachs III did his best to disrupt this portion of the meeting but Bull was maintain control by telling D. A. to “shut up”. Strong language to be heard in a group of ladies and gentlemen, to be sure. But it had the desired effect!
Happy Bucks This week’s Scribe did not get sufficient notes to report on this section of the proceedings.
Finemaster
Either there was no info to fine or Cliff was out spending previous fines [or his portion of them]. In either case, this was a “Fine Free Week”.
Announcements:
June 22 – July 12 The Senior Olympics will be in town. Any one interested in volunteering for this event let “Rhode Island Ted” know and he will get you in touch with the right people.
July 19th [Monday] is the Salvation Army Golf Outing at The Cardinal Club. D. A. was able to put together a 4-some.
July 12th is The Sampling of St. Matthews sponsored by SMABA. Rotary/St Matthews will have a booth again this year and will be passing out pancakes and promoting the 9th Annual Old Fashion Blueberry Pancake Breakfast.
July 18th [Wednesday] our previous member Karen Adams Gott will be visiting.
June 27th is the Annual Dinner at Big Spring CC. Cash bar opens at 6:00PM with dinner at 7:00 followed by entertainment. Invitations are in the mail. Call Marty Koetters [425-7600] or email him (koetters@bellsouth.net) to confirm reservation NO LATER THAN JUNE 22nd. Thanks to Tony Bellucci for making this possible.
June 13th Monthly Board of Directors Meeting minutes are posted on the web-site, www.stmatthewsrotary.org.
June 9th Yard Sale to benefit Rotary Club of St. Matthews Charitable Foundation was a success. It brought in $274.37. Thanks for everyone’s support!
NOTE: THERE WILL NOT BE A MEETING ON JULY 4TH!
Presentation
Marty Koetters introduced Dr. Daniel Bauer, Dean, College of Business, Bellarmine University.
Dr. Bauer spoke on international trade and finance with specific attention on how immigration, China, and exchange rates affect international trade and finance.
Immigration: In the early 20th century, immigration was a very large topic and those opposed to it argued that it takes jobs from current citizens, increase in crime, and the weakening of the US culture.
Not too different from today’s discussion.
Dr. Bauer is in favor of immigration but with the emphasis on controlling boarders and “who should be an immigrant”. Uncontrolled immigration is not good for the country.
The US is effectively at economic full employment because its unemployment rate is 4%. There is demand for immigrants due to the low birth rate of American citizens. Countries in the European Union and Japan are facing the same problem.
China: The problem the US faces with China is a large trade deficit.
China’s inflation is low and is able to manufacture products very cheaply which the US buys because of the lower cost. In turn US dollars are going to China. China then uses these dollars to buy US securities.
The economic fear the US faces is not knowing when China will redeem these securities.
Exchange Rates:
The Chinese yen is artificially low against the US$.
Dean Bauer mentioned that he is a great fan of Dr. Laffer [developed the “Laffer Curve”] and his economic principles of small government [retain government spending], open borders, and free trade. A cornerstone of President Ragan’s economic policy, this economic theory has produced 20+ years of low tax rates, sound recovery, and low inflation.
Like religion and politics, no two economists agree on the best economic theory/policy.
King of Clubs Robert Burns had the marine blue ticket which provided Hugh Kettering the opportunity to give him $6.00 BUT the King of Clubs is still in play for next time.
Future Speakers
June 20th – Mack Wall, KET
June 27th – Annual Dinner, Big Spring CC - Chery's BIG DAY!!! Marty's BIGGER DAY!!!
July 4th – No Meeting
July 11th – Cheryl Rago
