Economics writer Zubin Jelveh answers the burning questions like: How much are friendships worth? Why do men turn into daredevils around women? And do assassinations lead to democracy? ...
You have to wonder if the former Fed Chair has any personal warmth for his successor. Judging by Greenspan's column in today's Financial Times, the answer would be no. Although Greenspan's ability to move markets has waned in recent months, he's still a news maker. So why is he trying to capture some of the attention on Fed decision day by allowing the FT to run his op-ed ? Especially with this choice paragraph (emphasis added): It has become hard for democratic societies accustomed to prosperity to see it as anything other than the result of their deft political management. In reality, the past decade has seen mounting global forces (the international version of Adam Smith's invisible hand) quietly displacing government control of economic affairs. Since early this decade, central banks have had to cede control of long-term interest rates to global market forces. Previously heavily controlled economies - such as China, Russia and India - have embraced competitive markets in lieu of bureaucratic edict. The danger is that some governments, bedevilled by emerging inflationary forces, will endeavour to reassert their grip on economic affairs. If that becomes widespread, globalisation could reverse - at awesome cost. To be fair, according to the latest research , Greenspan is on the right track in stating that the impact of monetary policy has been dulled over the last two decades thanks to globalization. But in picking today to make ...
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