From The Union "Hardhead List"

[Tom Lehman]

On the technical side of things, I'd have to come down on the side of Enrique,
Dan Davies and Doug(if this isn't a new paradigm:o).  The US boom and bubble
have been propelled by huge inflows of foreign capital/money.  The US economy
has reached a point where Dr. Greenspan and the Fed to keep attracting foreign
capital/money will have to raise interest rates.

Along with a rise in interest rates comes an intensification of economic and
labor discipline aimed at increasing productivity.

Tom

Doug Henwood wrote:


> JKSCHW at aol.com wrote:
>
> >But it should raise questions about
> >Greenspan's intelligence and the political orientation he brings to his job
> >that he subscribes to a cult that worships capital and hates labor, no?
>
> What central banker would subscribe to a significantly different
> philosophy? I'm no Greenspan fan, but he's been more indulgent of a
> low unemployment rate than many of his predecessors or colleagues.
>
> Doug