Re: RE: energy crisis

[Jim Devine <jdevine@xxxxxxxxxxxxxxx>]

At 09:47 PM 6/21/01 +0100, you wrote:
> > it's possible that if Greenspan keeps lowering rates, the U.S.
> > economy will
> > suddenly spurt forward. In that case, he'll have to raise them again to
> > avoid inflation, which has always been his main concern.  Isn't this one
> > reason why Uncle Miltie argued against fine-tuning?
>
> If it did spurt forward, how would that change the fundamental imbalances in
> the US economy, except adversely? In other words, it is simply nemesis
> deferred, and for a price.

exactly: that's what I said -- in a sketchy way -- in the part you elided.
However, we may disagree on the nature of the "fundamental imbalances."

Jim Devine jdevine@xxxxxxx &  http://bellarmine.lmu.edu/~jdevine