I guess Greenspan seems to think Japans problems are good for us so pay no attention to my earlier posts, throw your kids college funds into the market, everyone else is.
WASHINGTON (April 2) - Federal Reserve Chairman Alan Greenspan Thursday hailed a ''seemingly inexorable'' move toward capitalism in the world economy and said the financial upheaval in Asia was a milestone in that process.
''The current turmoil in East Asia is easy to categorize as one of many such crises over the decades,'' Greenspan told a newspaper editors' convention.
''Nonetheless, it appears to be an important milestone in what evidently has been a significant and seemingly inexorable trend toward market capitalism and political systems that stress the rule of law,'' he added.
Speaking two days after the Fed's main policy committee left interest rates unchanged, Greenspan made no mention of monetary policy or the current state of the U.S. economy.
Greenspan said the spread of capitalism was occurring in Europe, Latin America and Asia, and it was even having an influence in some socialist economies of Africa.
''The current crisis in East Asia is likely to hasten that trend as hard-learned lessons of economic structure lead to significant reform,'' he said.
Asian economies swept up in currency and financial turmoil this past winter were not using Soviet-style central planning, Greenspan stressed.
But he said some elements of central planning had been used in credit allocation policies, which he said was the ''Achilles heel'' of those economies.
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