In a rare moment of honesty, the monetary maestro, Mr. Greenspan himself, declared triumphantly in front of millions that the “US lost deficit control”.
Well, actually that’s not quite the case. If by millions of people, I meant France’s Finance minister and by triumphantly I meant in private away from cameras and reporters, then yes – Greenspan finally said what we all knew. Deficits have been appalling. 2005 is looking to put usmore in the hole. No worries though, they’ll get the budget balanced next year, they swear!
If I were you, and you’re probably glad you’re not, I would start stocking up on all the essentials (tuna, doritos, beer), because when the FED finally starts admitting that they are up shit creek, they start tightening monetary policy to end the party. But it was fun while it lasted.