Greenspan should've said this in October

<![CDATA[Now, Fed Chairman Alan Greenspan is arguing against the Bush deficits. The chairman who has been sent up to the Senate for confirmation by both parties should have been saying this in October, because not providing information to the public is a political act, too.
At least the IRS will get more money, though it will likely become a Republican political tool to attack dissent, just like the rest of the U.S. government.
As I was saying the other day, the dollar is actually approaching a place where it will be unattractive to investors. But here’s the Greenspanian recitation of that same idea: “It seems persuasive that, given the size of the U.S. current account deficit, a diminished appetite for adding to dollar balances must occur at some point. But when, through what channels, and from what level of the dollar? Regrettably, no answer to those questions is convincing. This is a reason that forecasting the exchange rate for the dollar and other major currencies is problematic.”
Remember, that’s the chairman of the Fed saying that about the currency he manages. He has not got any idea when and where the collapse will come, but he can smell it in the wind.]]>