I've never thought much of Alan Greenspan, whose aura outweighs his judgment by a wide margin, but this is the absolute stupidest approach ever taken to calm financial markets:
"The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default," said Greenspan on NBC's Meet the Press.Boy, that'll do it. The cat's out of the bag, all you folks to whom the U. S. owes money. I hope the seniors counting on Social Security appreciate his frankness.
We're just going to pay everybody with worthless, inflated dollars.
Yep, calmer markets are just around the corner.
Uh, er, make that just on the other side of the canyon we're about to leap into.