Friday, November 05, 2004

Not Greenspan...China

Isaac's post below is correct in spirit, but I must disagree (on a minor point) that the administration and Alan Greenspan have been supporting the dollar. Arguably, Greenspan's long easy money regime sought to do the opposite, cause a depreciation with low interest rates. But these efforts (intended or not) were (and are) hindered by China and other LDCs buying up US assets to support their own undervalued currencies.


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