The central bankers' Rocky Mountain comments are
puzzling. How and why is there a sudden consensus on
a new natural level of full employment?
I take this as a challenge to business interests, with
the central banks saying "we've done all we can for now,
unless you're willing to put the financial system on an
even weaker footing." The ball is now in the court of
business, to create lots of new jobs with new investment
or whatever.
I am eager to hear Pen-l responses to central bankers'
throwing in the towel at 6% unemployment.
John Keefe
[EMAIL PROTECTED]
212-475-5580
