Alan Greenspan has a self-serving piece in the Wall Street Journal.
Those evil Asians with their savings glut did us in & poor Alan was powerless.
He should read
Auerbach, Robert D. 2008. Deception and Abuse at the Fed: Henry B. Gonzalez Battles Alan Greenspan's Bank (Austin, TX: University of Texas Press).
Some very interesting stuff there, Alan.
One economy's savings glut is another economy's spending splurge.
The US needs to take responsibility for its overborrowing and overspending, not blame the current crisis on the yellow peril.
As I shrugged, I wondered: "How can anyone have any confidence in Greenspan's Rand-i-ness?"
Atlas Shrugged was published in 1957. Kurt Vonnegut's Player Piano was published 5 years earlier. I wonder if Alan read Player Piano. Of course, Alan favored the saxophone. Alas, he has not only lost his embrochure but also his comfort with and reliance upon Friedman and Rand, as he riffs, off-key, on what he said only a few months ago.
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