Economics, Politics, Social Commentary and occasionally Superstring Theory.

Monday, April 11, 2005

Volcker Disagrees with Greenspan

Paul Volcker, former Fed Chair, writes that the United States is on an unsustainable economic path. Although Volcker doesn't directly criticize Greenspan, it's there between the lines. Essentially, he says no country can borrow $2bn per day, absorb 80% of world savings and consume 6% more than it produces forever. There will be an adjustment, and it won't be pretty.


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