This is the tale of a trade deficit. It is also a tale of the ignorant idea that a country can pay for imports by its citizens performing services for one another, and the government selling their future production (that doesn’t exist) abroad. I can’t see how a data-hound like Greenspan could have missed this. Did he REALLY think that this wouldn’t spell disaster, with the deficits the US was running?
P.S. Some have been speculating recently whether Alan Greenspan was, in fact, Fransisco d’Anconia. I think objevtivists would strongly disagree – but you have to admit that the crisis in the US is almost to bad NOT to have been purposfully orchestrated D.S