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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Box-By-The-Riviera™ who wrote (250298)	7/15/2003 7:55:41 PM
From: Secret_Agent_Man	Read Replies (2) \| Respond to of 436258

The Fed chairman's credibility plumbed dangerous new depths yesterday with his curious assertion that the U.S. economy can do just fine without a manufacturing sector. You heard that right: We are all evidently going to get rich doing each other's nails and taking in each other's laundry. Speaking before a House panel on finance, he made the remark, and others nearly as baffling, in response to questions from a few Congressmen - notably Ron Paul -- who seem to understand basic economics far better than he does. In retrospect it can be inferred that Mr. Greenspan was drawing on his apparently rudimentary knowledge of the theory of "comparative advantage," which holds, in effect, that we are better off importing TV sets, cars, shoes, steel, food and other goods from foreign sources if they can produce those things more cheaply than we can. According to the theory, this will free up our capital for investment in those things that we do most efficiently. And so it has -- but with potentially devastating consequences that Mr. Greenspan steadfastly refuses to acknowledge, at least in public, even as the accumulating evidence takes on the demeanor of an avalanche in its early moments. 321gold.com