I now have “vulturegram” bookmarked. It’s the best pointer to economic news on FR.
Brief Summary, Not Excerpts:
Alan Greenspan predicted in a new book coming out on Monday, September 17th -- that the Fed will have to raise interest rates to double-digit levels over the coming years. Otherwise, a new round of inflation may tear apart the U.S. economy.
His new book, The Age of Turbulence predicts the effects of globalization will naturally lead to more inflation worldwide as countries like China, Mexico and India are forced to raise wages.
In the meantime, Fed Chairman Bernanke has been keeping interest rates at 5.25%, or may be planning lower them. Greenspan’s assertion that the Fed may have to double interest rates suggests the Fed may create a new BUBBLE crisis by tinkering with rates now.
That is from the guy who singlehandedly created at least three MASSIVE bubbles and invented the U.S. bubble economy.
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