Believe it or not, but Greenspan makes a lot of sense

I have often been critical about Alan Greenspan’s economic thinking, but listen to this Interview on CNBC. It is pretty good. Greenspan talks about the international financial linkages – particularly between the US and the euro zone. He makes a lot of sense (other than some odd cultural references, which the rather uneducated reporters just go along with…)

I think that US based Market Monetarists should pay attention here. The global financial markets are highly inter-linked. One can not ignore European issues if one want to understand US monetary policy issues as you can not understand the Great Depression without understand French goal hoarding and the collapse of the Austrian bank Creditanstalt.

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