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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Les H who wrote (208781)12/10/2002 8:29:34 PM
From: Les H  Read Replies (1) of 436258
 
"People are queuing up to start criticizing inflation targeting but it's the economies that either did not have an explicit inflation target, such as the United States, or have taken their eye off the one they had, such as Britain, that have created asset price bubbles and look the most vulnerable now," says HSBC's Butler.

What some of the central bankers appear to have forgotten are the limits to growth. The United States has had a very high trade deficit and very low private savings rate for years and has experienced bouts of high inflation -- in stock and, now, house prices. These should be a central bank's concern. Greenspan has tended to ignore the signs of excess while focusing on productivity and on the need to keep growth high.

Duisenberg has a point when he says that not all the obstacles to growth can be resolved by reducing interest rates still further. And problems may be caused by so doing. With a burst stock market bubble to weigh it down and a house price bubble blowing up and about to burst, the U.S. economy may have low interest rates and yet low growth for years to come.

upi.com

Levitt lobbied by 46 members of Congress against proposed auditor independence rules in 2000

upi.com
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