Economic meltdown - Krugman on the Fed.

[oc2002]

I was listening to Gore Deval(sp?) on cspan this morning, he was basicly saying that the economic colapse and downfall of the US is well underway, just by looking at how we run deficits, budget and trade.

the future is grim, but there is a silver lining, in that the economic colapse will bring people back to the Democratic party as it did before.

http://www.nytimes.com/2005/01/25/opinion/25krugman.html?hp

<snip>
OP-ED COLUMNIST
The Greenspan Succession
By PAUL KRUGMAN

Published: January 25, 2005
Columnist Page: Paul Krugman

Forum: Discuss This Column

E-mail: [e-mail]

Alan Greenspan is expected to retire next year. The Bush administration, because of its nature, will have a hard time finding a successor.

One Fed chairman famously described his job as being to "take away the punch bowl just when the party gets going." Bond and currency markets want monetary policy in the hands of someone who will say no to politicians. When a country's central banker is suspected of having insufficient spine, the result is higher interest rates and a weaker currency.

.........

[Richardo]

1. I (heart) Krugman

He makes economics SO clear. (And that's high praise from an innumerate former PoliSci major like m'self.)

(And the spelling is Gore Vidal.)

[oc2002]

3. thanks. I could not find the right spelling. Vidal. just came out with a

new book. It looks interesting.

Imperial America : Reflections on the United States of Amnesia

[jackster]

2. that's Gore Vidal....