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Why didn't Greenspan tell everyone this earlier?
There was a lot of talk about a credit default over the last few weeks, but luckily former federal reserve chairman Alan Greenspan put those doubts to rest this weekend. "The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default" said Greenspan on NBC's Meet the Press. Why didn't he tell us this earlier? If we can just print money then we're infinitely rich! Why haven't we been upgraded to zillion A status? Our money can never run out!
4 Answers
- Anonymous10 years agoFavorite Answer
Greenspan has lost all of his credibility.
The flaw in the system I acknowledged was an ability to fully understand the state of potential risks that were fully untested… That means we were under-capitalizing the banking system for 40 or 50 years.” - Alan Greenspan, FCIC Hearing
- Anonymous10 years ago
He did. Jan 2011
WASHINGTON—Former Fed Chairman Alan Greenspan said the U.S. could face a bond-market crisis if politicians don't act soon to start cutting the nation's debt.
In an interview with Kelly Evans, Alan Greenspan discusses the dangers of current fiscal policy while challening his critics to prove him wrong on any decision he made as Fed Chairman.
In an interview Friday with The Wall Street Journal, Mr. Greenspan said that eventually Congress would pass a budget that includes many proposals by a White House debt-reduction panel.
"I think that the type of budget agreement that was put together by Alan Simpson and Erskine Bowles is the type of budget that will be passed by Congress," Mr. Greenspan said. "The only question is, will it be before or after the bond-market crisis."
Source(s): Greenspan Warns of Risks From U.S. Debt - WSJ.comJan 8, 2011 – Former Fed Chairman Alan Greenspan said the U.S. could face a ... The U.S. credit-rating downgrade is piling more pressure on China to move ... online.wsj.com/.../SB10001424052748704739504576067832461529192.html - Cached - Add to iGoogle - Ninja300Lv 710 years ago
Greenspan is an idiot; I'm far left, however I recognize that eventually we have to cut spending and start paying off that debt. If we keep printing we will hit hyperinflation. I'm skeptical of central banking, at least in the way we are doing it.
- Anonymous10 years ago
Greenspan is the same guy who said Adjustable Rate Mortgages were a good idea for our economy.