Greenspan’s Nightmare by Mark Weisbrot
Posted by ac on March 12th, 2010
“As Greenspan details in his book, the reason for his nightmare is that the world was depleting its stock of hundreds of millions of unemployed people, including those of the former Soviet Union and also in rural China. In other words, “too many” of them had become employed, and this was allowing for wages of factory workers in China to rise…. Is there something wrong with this picture, that one of the world’s most powerful economic decision makers (at the time) dreads the decline of mass unemployment and rising wages among people making 80 cents an hour?”
