Interesting commentary on what Alan Greenspan’s real legacy will be. I’ve never understood the unwavering praise that politicians lavished on Greenspan, but he does get credit for deftly insulating the U.S. economy from the impacts of the Asian Financial Crisis. With regard to crisis management he would also get credit for the backroom dealing that headed off the disaster that was Long Term Capital. Definitely make it a point to read this book for all the background on that.

California Patriot Online – Greenback:

By 2002, interest rates were as low as 1 percent, helping to fuel the U.S. economy. But at such low rates, who was going to buy our debt? In the end, the United States had relied largely on Asian investors, particularly Chinese and Japanese central banks, to prop up our debt-structured economy.