The borrowing paid for the imports that the United States bought from countries that were suffering from deep recessions and pulled them out of those recessions.
More Quotes from Allan Meltzer:
The name that's on the economy is Greenspan. If you want to step back and say Gore's responsible, it's hard to make that connection.Allan Meltzer
The way to get higher growth is to have lower inflation. The success of the Fed and the Bank of England has done much to convince people that that's the way to go.
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I don't think that you can set policy according to possible contingencies that may occur, but about which you have no information.
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The fact that you have only these minor criticisms is quite an achievement.
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There's more consensus . . . within the economics profession about how the world works than there was in the 1950s, '60s and '70s.
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