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Greenspan on Australia

Australia features in Greenspan’s memoir, The Age of Turbulence:

Australia has always fascinated me as a microcosm of the United States in many ways. It is a land with vast open spaces, similar in many respects to the American West.  I know I can’t generalise on the basis of a few years of observations, but I nonetheless found myself during my tenure at the Fed looking to Australia as the leading indicator of many aspects of US economic performance.  I continually monitor Australia’s current account deficit, which has persisted far longer than that of the United States with no evident significant micro-economic impact other than large increasing foreign ownership of Australian corporate assets.

posted on 18 September 2007 by skirchner in Economics, Financial Markets

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