Inflation Terminator

Fed Chairman Alan Greenspan vows to beat back the threat of price rises, even before they happen

By raising interest rates, Federal Reserve Chairman Alan Greenspan is: a) murdering the nation's economic recovery in order to satisfy a monomaniacal obsession with an inflation problem that does not exist; b) driving a timely stake through the heart of the inflation vampire before it can escape from its tomb; c) doing too little too late to prevent an imminent resurrection of ravaging inflation; d) taking action too mild to have much effect of any kind.

While that may sound like a multiple-choice test for economics majors, anyone interested in the future of jobs, prices and incomes has a stake in...

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