Greenspan's speech
- Thread starter illiquid
- Start date
That is a good article. I think Greenspan is right.
But you left out one fact: this was written in 1966. Greenspan is one of those responsible for your "toilet paper" US currency.
In my opinion there is much validity in that article, but that's not how the modern world conducts itself anymore and I doubt we'll go back to a gold standard (or any other tangible asset based economy) because it would be almost impossible to implement.
Really, the decline is related to the masive bubble and others getting fat off the US cash cow of the 1990's.
The RoW is getting hurt by their dollar positions but it is irrational exhuberance (another Greenspan tern
) that's catching up with them, not flagrant abuse of Asian countries like you seem to suggest.
But you left out one fact: this was written in 1966. Greenspan is one of those responsible for your "toilet paper" US currency.
In my opinion there is much validity in that article, but that's not how the modern world conducts itself anymore and I doubt we'll go back to a gold standard (or any other tangible asset based economy) because it would be almost impossible to implement.
Really, the decline is related to the masive bubble and others getting fat off the US cash cow of the 1990's.
The RoW is getting hurt by their dollar positions but it is irrational exhuberance (another Greenspan tern
) that's catching up with them, not flagrant abuse of Asian countries like you seem to suggest.yeah that's a good article.
well its not that i disagree with wat's said, its that i disagree with the conclusion that its bad for asians, entity or rich or whoever. and i think its america's one saving grace, i mean the fact that we can and are pretty much converting our CAD into toilet paper will have huge long term repercussions but in the short term sure saves alot off our ass. we are a short sighted country. there is no ifs and butts about that. from our president, to our corporate leaders, we couldnt see past 2 years nevermind 1 year from now.
and yes its not a free trade when a country can artificially control their currecny ie china and japan, it creates inefficiencies and imbalances and hinders capitalism. but i state emphatically that they do it for a reason, taht even tho they know they are holding declining dollars, they do it for a reason, that the gains for the country on the whole, thru industry investments and capital building far outweigh the spanking the rich and corporate endure for holding dollars that grow weaker and weaker every year.
well its not that i disagree with wat's said, its that i disagree with the conclusion that its bad for asians, entity or rich or whoever. and i think its america's one saving grace, i mean the fact that we can and are pretty much converting our CAD into toilet paper will have huge long term repercussions but in the short term sure saves alot off our ass. we are a short sighted country. there is no ifs and butts about that. from our president, to our corporate leaders, we couldnt see past 2 years nevermind 1 year from now.
and yes its not a free trade when a country can artificially control their currecny ie china and japan, it creates inefficiencies and imbalances and hinders capitalism. but i state emphatically that they do it for a reason, taht even tho they know they are holding declining dollars, they do it for a reason, that the gains for the country on the whole, thru industry investments and capital building far outweigh the spanking the rich and corporate endure for holding dollars that grow weaker and weaker every year.