SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Mish's Global Economic Trend Analysis
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Haim R. Branisteanu who wrote (16720)11/24/2004 10:22:23 AM
From: mishedlo  Read Replies (1) of 116555
 
Dollar's Dip Shows Greenspan in Denial

By Peter Eavis
Senior Columnist
11/24/2004 7:11 AM EST

Just about everyone is worrying about the tanking dollar and the enormous U.S. trade deficit. So it's high time for Alan Greenspan, the nation's central banker, to step in and tell us how we might deal with the wilting greenback. Instead, the Fed chairman has made a speech that will go down as the one of most flagrant pieces of self-serving tripe in financial history.

. . .

The speech, given last Friday at the European Banking Congress in Frankfurt, clearly shows that Greenspan is refusing to deal with the root cause of the dollar's slide because his policies are the main reason for its decline. Now it very much appears that Greenspan will pull up short of doing what's necessary to fix the current account deficit, because it would mean admitting that he's created the mess that led to the blowout trade deficit.

. . .

Since Greenspan almost never admits he's wrong, the Fed -- under him or one of his acolytes (he's likely to retire in early 2006) -- almost certainly isn't going to change course. This makes it increasingly likely that America will be laid low by the mother of all currency crises before long. It's incredible to think that in a governmental system known for its checks and balances, the pride of one man could cause the fall of the world's largest economy. But that's what we're looking at here, going by the central banker's Friday speech.
=========

It's on the free site today so read the rest here:
thestreet.com
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News