The currency depreciation that we have experienced of late should eventually help to contain our current account deficit as foreign producers export less to the United States. On the other side of the ledger, the current account should improve as U.S. firms find the export market more receptive.
More Quotes from Alan Greenspan:
There should be little disagreement about the need to re-establish budget discipline,Alan Greenspan
Today, economic value is best symbolized by exceedingly complex, miniaturized integrated circuits and the ideas -- the software -- that utilize them, ... Most of what we currently perceive as value and wealth is intellectual and impalpable.
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If we delay, the adjustments could be abrupt and painful,
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How can we ignore the fact that virtually all forecasts of the budget balance have been wide of the mark in recent years.
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is on an unsustainable path, in which large deficits result in rising interest rates and ever-growing interest payments that augment deficits in future years.
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Until market forces, assisted by a vigilant Federal Reserve, affect the necessary alignment of aggregate demand with the growth of potential aggregate supply, the full benefits of innovative productivity acceleration are at risk of being undermined by financial and economic instability,
Alan Greenspan
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