By Tim Iacono (Guest Post)
So, here we are in the summer of 2005, nearing the end of the 18 year term of Alan Greenspan. We cannot help but marvel at two things – how lucky Mr. Greenspan was to have started his term when he did, and what a poor job he has done in the last ten years. The reason we say this is that his term has benefited from one notable condition, low inflation (as measured by consumer prices), and Mr. Greenspan has responded to this condition in an inappropriate manner that has resulted in a series of asset bubbles and global imbalances that his successor will…
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