Greenspan: Appetite for Dollar to Dwindle If the House approves the $800 spending limit increase, and nothing is done to counter the drop in the dollar, the US could be looking down to barrel of a very nasty situation.
Excuse me while I call this shot Prediction: By the time the Bush Administration is done, the Euro will be the world's reserve currency, not the dollar.
Greenspan is a pretty decent economist, but has just had a bitch of a time under Bushco. That isn't to say that dave isn't right. He isn't going to go out of his way to not his his boss reelected. It might have been the right thing to do, but I believe that he is part of the remaining "weight" keeping the US from totally tipping the scales in the wrong direction.
He's not a decent economist IMO. He doesn't seem to really know (or at least be able to say) with clarity why this country's going downhill economically at 100mph which to me is just incredible ain't it???, given he's the chief economist. As bad as he is he oughta be fired IMO, but then again he's just a tool. So I'm not sure what kind of a difference that would make.
I had the opportunity to read some reports he wrote back during the Clinton years during my early college days and I'll be damned if some of his predictions weren't spot on. No way will he go down in history as a great economist, but wasn't that bad all things considered. Are you saying this in terms of the average American? What he talks about can be complicated, confusing stuff, which makes it understandable. Sometimes his reports get convoluted and start twisting, but as a whole they're pretty straighforward...or at least they were till he started declining about 4 years ago. This be true.
Re: Excuse me while I call this shot Wow. Is that just you talking or is someone else out there saying the same thing? Pardon my ignorance I'm not up to speed on this monetary stuff......
What he reports isn't really meant to be understood by most people, that's why the media is here; to interprate and report. His reports aren't made for news broadcasts, they're given to Senate Economic Committees who [sorta] understand them.
Re: Excuse me while I call this shot That's just my prediction, FWIW. But if you look at the way the dollar is sliding against the Euro, our unsustainable trade and budget deficits, the fact that the Bush Administration is determined to take on the rest of the world by itself with the apparent approval of most Americans, the rest of the world has plenty of reasons to turn its back on the dollar and go with the Euro.
It would help if the guy would say something to the American public at some point to help get us out of this mess. I remember Greenspan talking to Congress about the job losses. He said it was "very disconcerting". One guy asked him what Americans should go to college for now that high-level jobs are being assaulted by foreign workers. His reply was basically "new kinds of jobs will show up, I just don't know where they are." To me, that ain't good enough. If he doesn't know, and he can't talk, he certainly can't effectively use his power to speak to the public or to congress.
Re: Excuse me while I call this shot Bush Signs Debt Hike into Law. Well, they just gave him the new credit card...hope it's a Capital One: No Hassle.
"I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said." -- Alan Greenspan http://en.thinkexist.com/quotes/alan_greenspan/
Re: Excuse me while I call this shot With our debt increasingly being bought up by foreigners, we're giving them the chance to take us down without firing a shot. Last I saw, China's central bank alone is holding $515 billion in dollars in one form or another. What if they start using that leverage to quietly tell us what to do? Oh, wait ...
If you don't get the point, you shouldn't be posting in this thread. http://www.federalreserve.gov/pubs/frseries/frseri.htm http://www.federalreserve.gov/generalinfo/faq/faqbog.htm