[FlyingFish]

Agreed, a good analysis. Some highlights include...
-We cannot grow out of these fiscal pressures. Only politically toxic cuts...or significant inflation, can close the deficit. I rule out large tax increases that would sap economic growth (and the tax base) and accordingly achieve little added revenues.
-It is little comfort that the dollar is still the least worst of the major fiat currencies. But the inexorable rise in the price of gold indicates a large number of investors are seeking a safe haven beyond fiat currencies.
-I believe the fears of budget contraction inducing a renewed decline of economic activity are misplaced... If we contained the amount of issuance of Treasury securities, pressures on private capital markets would be eased.
-the range of error of long-term U.S. budget forecasts (especially of Medicare) is, in historic perspective, exceptionally wide. Our economy cannot afford a major mistake in underestimating the corrosive momentum of this fiscal crisis.

[Wpin]

Alan Greenspan has been a brilliant proponent of the free market system. Unfortunately the liberal media has distorted much of what he said as FED chairman. He is a brilliant economist who is worth reading/listening to.

He does not use excessive emotion in his remarks, never did. But, for anyone who has an inkling of economics he has been quite “loud” in his warnings for years of our deficits, debt, and social programs.