Fed's Greenspan on globalization

In a speech on 'Globalization' given on 10 March, Alan Greenspan of the Federal Reserve said that future budget deficits pose a bigger risk to the economy than record trade imbalances and the country's extremely low savings rate.

"The resolution of our current account deficit and household debt burdens does not strike me as overly worrisome, but that is certainly not the case for our fiscal deficit," Greenspan said in the speech to the Council on Foreign Relations in New York.

The Fed chief said

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