June 28, 2000: The Day Alan Greenspan Jumped The Monetary Shark, Part 3

About a century ago American capitalism was blessed with two features that have become fading chimeras at present: To wit, interest rate markets which actually worked and economic growth that was robust.

As to the former, it needs be recalled that on the free market the job of interest rates specifically and financial asset prices generally is to allocate capital to the highest and best uses and to clear markets as between the factors of demand versus supply.

SUBSCRIBE TO CONTINUE READING

$39
Monthly
$99
Quarterly
$365
Yearly



Already a subscriber?

Login below!