If Poole were correct, market forces would drive interest rates on US
paper down low enough so that people would be indifferent between US and
other sources. But, Poole is talking ideology, not economics.
On Sat, Nov 22, 2003 at 10:58:14AM -0800, Eubulides wrote:
> Concurrent with AG on the virtu
Concurrent with AG on the virtues of accounting we also have this from
William Poole -at the St. Louis Fed- earlier this week:
"Via basic accounting, a country's capital account surplus is equal to its
current account deficit. For simplicity, let's view the current account
deficit as the trade def
- Original Message -
From: "Jurriaan Bendien" <[EMAIL PROTECTED]>
> "The buildup or reduction in financial claims among trading
countries--that
> is, capital flows--are hence exact mirrors of the current account
balances.
> And just as net trade and current accounts for the world as a wh
Thanks Ian,
That's a brilliant exercise in tautology by Greenspan. But what does he
really mean when he says:
"Indeed, the example of the fifty states of the United States suggests that,
with full flexibility in the movement of labor and capital, adjustments to
cross-border imbalances can occur e
Remember, Greenspan's mentor was Ayn Rand. They are both scary people,
though I use that last descriptor 'people' loosely.
And of course only someone not on the left is allowed to get away with such
gobbledygook and obscurantism. Here is a guy who really needs to learn some
plain English, but if
Greenspan seems to have deepened his insights since he wrote the letter for Ken
Keating just before the scam broke.
Gene
Ian Murray wrote:
> Testimony of Chairman Alan Greenspan
> Federal deposit insurance reform
> Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate
> April
