Warning from Greenspan: Interest Rate Spikes Can Happen
Alan Greenspan, writing in the Wall St. Journal (Friday, 18 JUNE 10, 90 day link ), wrote
I grant that low long-term interest rates could continue for months, or even well into next year. But just as easily, long-term rate increases can emerge with unexpected suddenness. Between early October 1979 and late February 1980, for example, the yield on the 10-year note rose almost four percentage points.
He generally warned us that
The United States, and most of the rest of the developed world, is in need of a tectonic shift in fiscal policy. Incremental change will not be adequate.
Do you believe the curent regime has any political courage, let alone sufficient to change course?
