i want to start off with f.x. those are some big shoes to fill. here's a myanother native san franciscan. they did such a great job. the best thing that he did was getting burned into politics. he found out where he fought on through, where his neighbors all turned against him, and he has such credibility and stamina. he just bit his tongue and went through it. ronnie has done a lot of great things. one of his strong points is his ability to analyze things and deal with it in a business manner. nobody has rodney in his pocket. i'm looking forward to the day he calls me for a check when he is running for mayor. thank you. [applause] >> rodney's help on the prop a bond -- and is going to help with all the projects that peter listed -- it was invaluable. he put so much time and energy into that. it is so wonderful that he is a boater, that he knows how to spell water, and i am going to miss him so much. [applause]

f.x., wellcome. you are going to enjoy this. if you thought i was insane to walk away, i think i might be. even coming in and looking at these beautiful pictures -- i'm walking away from what i describe as of the port really blossoming. three years ago, and where it is going to be in a few years, and by 2013 -- is going to be a different place. maybe i'm a little bit crazy, but i think i'm going to be able to enjoy that and watch you guys grow this place even larger than it is now. very quickly, and not to get too personal, relationships, when you are involved in something like this, whether it is fellow commissioners or staff, they start off as acquaintances. they become friends. then you professionally get to know each other. at this juncture, in year five, i really felt like i was getting into another plateau with everyone in the room here. i appreciate that. i'm not going to walk away from that easily. the planning commission will be very interesting. it will be very different. very technical. this is technical, but that is

china safe official warns fed monetary policies are creating inflationary bubbles stimulate global f.x. intervention so this is lew way of china's state administration of foreign exchange and he said that the fed's quantitative easing program may have some stimulus impact on the u.s. in the short term but also that it would add to global inflation pressure and fuel asset bubbles well let me explain something to you stacy here but about the global financial situation you see you've got the central banks you've got the commercial banks you've got the global banking system as it is and this system is held together by various financial transference mechanisms trading markets that goes on in two thousand and eight it broke and since two thousand and eight central banks have been flooding the globe with credit but because the basic plumbing of the global finance is broken the credit that they are expanding with goes into two places number one paper derivatives that are driving the cost of food higher and paper credit default swaps that are crashing the european bond market so people say well