Greenspan, Who Knew So Much More Than

I Am Saddened That It Is Politically Inconvenient To Acknowledge What Everyone Knows: The Iraq War Is Largely About Oil.

Even Though Some Down Payments Are Borrowed, It Would Take A Large, And Historically Most Unusual, Fall In Home Prices To Wipe Out A Significant Part Of Home Equity. Many Of Those Who Purchased Their Residence More Than A Year Ago Have Equity Buffers In Their Homes Adequate To Withstand Any Price Decline Other Than A Very Deep One.

Nor Can Private Counterparties Restrict Supplies Of Gold, Another Commodity Whose Derivatives Are Often Traded Over-the-counter, Where Central Banks Stand Ready To Lease Gold In Increasing Quantities Should The Price Rise.

Developing Protectionism Regarding Trade And Our Reluctance To Place Fiscal Policy On A More Sustainable Path Are Threatening What May Well Be Our Most Valued Policy Asset: The Increased Flexibility Of Our Economy, Which Has Fostered Our Extraordinary Resilience To Shocks.

The Need For Values Is Inbred. Their Content Is Not.