>If Greenspan were to die in Andrea Mitchell's passionate embrace this
>evening, Mark Jones would probably win his 3,000 Dow bet by the close
>tomorrow.
Yes, it's amazing how Wall St., Max and Brad have embraced Greenspan as a savior from a crisis of overproduction. As I said before, we're apparently all monetarists now, taking for granted that an expansionary monetary policy stopped a crisis in Oct 87 (and would have stopped the Great Depression too, Max?).
Japan does not bode well for the salvation thesis. Near zero interest rates, a central bank pulling out all the stops to pump money into the economy, yet an economy still mired in recession. Maybe, as Brenner argues, the problem is that the depreciation of the yen did not increase Japanese exports as much as past depreciations because Japan is now dependent on exports to Asia as well as the United States, and the depreciation threw Asia into crisis (since the Asian currencies were tied to the dollar).
Edwin Dickens