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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: Chip McVickar who wrote (1716)6/2/1999 1:46:00 PM
From: Lee  Read Replies (1) of 3536
 
Chip, Henry, Thread,

re: Armstrong; Greenspan

Chip, thanks, for the article.

AG's latest words on trade. I hope someone was listening.

'Greenspan, a fervent free-market advocate, said a massive rise in world competition that growing international trade had brought over the past half century had resulted in ''markedly higher standards of living'' for countries that participated in cross-border trade, particularly the United States.

The central banker harshly criticized the administration's trade policies for being too focused on the goal of job creation rather than overall standards of living. He also said it was too adversarial and noted that trade was not a zero-sum game in which a gain by one player is always to the detriment of the other.

''We try to promote free trade on the mistaken ground that it will create jobs. The reason should be that it enhances standards of living through the effects of competition on productivity,'' Greenspan said.

The notion of rising productivity that may have contributed to keeping inflation in check in the ninth year of an unbroken U.S. economic expansion has been a key feature in the debate about the sustainability of the nation's economic boom.'

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