"Each of these issues has a stake in the growth of the world economy," she said. "We must do honor to our faith, welcome the leader’s role and fulfill the promise of the future in the new century.

"Foreign policy needs to reflect U.S. values."

Those values include the views of what the secretary of state referred to as "the black helicopter crowd," who oppose American membership in the United Nations.

Alan Greenspan

Albright’s sentiments closely paralleled those of Federal Reserve Chairman Alan Greenspan, who spoke the same afternoon.

Greenspan attributed the almost 16 years of American economic growth and a 24-year low unemployment rate (under 5 percent) to the "pervasive force of technologically driven free-market capitalism and the rule of law." This high-tech competitive system leaves no room for inefficiency, Greenspan said.

So what does all this mean for local newspaper readers?

If you believe Greenspan, America’s standard of living depends on remaining competitive in all aspects of the global economy. That opens up a wide range of local story possibilities.

"The wage premium (translation: higher pay) has risen for skills in education," Greenspan said. One result is higher college enrollments.

Yet American undergraduate students continue to perform poorly on standardized tests, particularly when compared with their peers overseas, most of whom spend far more time in class. For example, Japanese students attend class 240 days a year, compared to 180 days in the United States (even in so-called "year-round" schools, the number of instructional days remain the same).

Greenspan credits technology in part for higher stock prices. "Major advances in telecommunications have made it troublesome for politicians and policy makers to go too far in pre-empting market forces when the material affluence of market-based economies has become so evident to ubiquitous television watchers," he said.

 Newspaper editors are keenly aware of high reader interest in stock performance stories — particularly those involving local companies and retirement plans. That interest extends to even more than a few editors.

Retired member Larry O’Donnell of Ridgewood, N.J., summed up the concerns of many editors when he asked Greenspan: "Is too much of our personal retirement money — 401(k) funds — going into the stock market? Are you concerned about the current high level of the stock market?"

The Fed chairman credits the runup of the Dow Jones Industrial Average above the 9,000 mark to a "continuous upward revision" in expected future earnings. For this to continue, he said the U.S. economy will have to continue to post "significant productivity gains."

 Greenspan said productivity makes the difference in whether a 401(k) becomes a 601(k) or a 201(k).

 The Asian financial crisis is another fertile place to connect local readers to the global economy. Greenspan described the crisis as "stabilizing" and hastening the global trend toward free markets because of the market distortions caused by government-directed investments.

Take Fort Smith, Ark., for example, where the signs are ominous. Consider:

OK Foods (poultry processing) is one of the city’s largest employers. There also are Tyson, Simmons and other poultry processing plants in the area, all of which export overseas (including a large amount to Asia) and employ a high percentage of minority workers.

Other major exporters include: Whirlpool, Gerber Baby Foods, Planters Peanuts, Hiram Walker whiskey, Guthrie Wood Fiber Products and Baldor electric motors.

Finally, Trane, a Japanese air-conditioning and heating manufacturer, has a Fort Smith plant. Should the parent be hurt with Japan’s economy, the effects would be felt in Arkansas.

Michael Eisner

Unlike their Asian counterparts, many of whom must follow government press "guidelines," American editors are under few restraints in reporting on domestic crises or the global economy.

"Edit we must — not to stiffle conflict but for taste and standards," said Michael Eisner, chairman and CEO of The Walt Disney Co., in his address at the closing ASNE luncheon. "Since the government won’t tell us what we can’t do, we must decide what we can’t do."

The Disney CEO cautioned editors to "be responsible" and not hypocritical by hiding behind the First Amendment.

Responding to a question from Steve Smith, editor of The Gazette, Colorado Springs, about the effects of the Southern Baptist Convention’s boycott of Disney over the issue of providing medical benefits to gay couples, Eisner encouraged editors to be guided by what they think is right, instead of yielding to pressure. "The boycott has had no effect on our business," he said, blaming it on "a small minority of Baptists" who seized control of the 15 million-member convention.

Local angles on the world used to be part of sardonic newsroom humor directed at what were perceived as overzealous editors. The world economy, however, is bringing those stories closer to home.

Huff is managing editor of the Southwest Times Record, Fort Smith, Ark.