As a PR guy at the Federal Reserve Board in the early 80s, then Chairman Paul Volcker called me into his office one day and told me he was going on an official visit to Brazil. "Do they speak any English down there, Sims?" Sensing an opportunity to gain an official passport and take a whirlwind trip back to my beloved Brazil, I said "No, sir. You will definitely need an interpreter.
So I accompanied him in September 1981. As we walked with finance minister Ernane Galveas and the head of the Banco Central to a meeting with then president João Figuereido, Galveas--whom I knew well from my days as a journalist down there--whispered, "Joe, the interpreter is running late. You'll have to do the job." I gulped but agreed. The president lit into Volcker because of high interest rates and other stuff, and Ernane kept trying unsuccessfully to get him to stop so I could translate. After about 15 minutes he did stop, and looked at me to tell the Fed chairman what was wrong with the world economy. I turned to Volcker, who was also looking at me expectantly. I took a deep breath and said, "he says interest rates are too high, it's hurting the Brazilian economy and you're to blame." Everyone looked at me as though I would have more to say, but I folded my arms and waited for Volcker's reply. "He's been talking for 15 minutes and you mean that's all he said?"
"Well, yes, that's pretty much it," I explained weakly.
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