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Non-Tech : The Critical Investing Workshop
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To: Eski who wrote (1208)1/23/2000 2:44:00 PM
From: Eski  Read Replies (1) of 35685
 
Greenspan Said Anxious Over U.S. Imports
Jan 23 12:34pm ET

TOKYO (Reuters) - Japanese Finance Minister Kiichi Miyazawa said on Sunday that Federal Reserve Chairman Alan Greenspan had told him that the U.S. import binge could not last forever.

With the wealth effect in the United States, money was not being made from producing goods and services and so had no outlet but through imports, Miyazawa quoted Greenspan as saying in a weekend meeting during a gathering of finance ministers and central bankers of Group of Seven rich nations.

``At this point what's troubling him is that the money is going into imports, and this may be good for the people of the world but for the American economy this cannot continue for long,' Miyazawa said, speaking on a television talk show.

Miyazawa said he had told Greenspan that he believed the U.S. stock market rise was a bubble and an adjustment was inevitable.

``I asked Greenspan if he had given a warning signal to the market so that people later could not criticize him for doing nothing, and Greenspan just laughed,' Miyazawa said.

Despite Greenspan's frequent flagging of a red light against the excessive rises in stock prices, the market had taken his warning as a green light, Miyazawa said.
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