 Economic Mythology
It is not ridiculous and he failed to include the geometrically increasing need for raw materials worldwide which will undoubtedly lead to higher inflation and the FED raising rates.
The problem with Greenspan was he was too far behind-
they have yet to catch up.
As far as the analysis that production drives the economy-since the arrival of JIT inventory and the advent of the technology to control burgeoning inventories in slow times-his premise is more true now than at anytime in the history of this country. Plus it is alot eaiser to carry inventory when rates are at 5% than 10%.
THankfully it looks the LS will lose the next election regardless-because their price controls and higher taxes would certainly create more problems than it solves.
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In 1998 the Department of Justice brought charges under the Wire Act against 22 American citizens involved in managing foreign-based sites. "You can’t hide online," Janet Reno, the attorney-general, warned Internet betting operators, "and you can’t hide offshore."
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