Greenspan says flexibility crucial to economy

The ability of the US to weather a surge in energy prices is the latest example of how economic flexibility helps prevent serious recessions, Federal Reserve Chairman Alan Greenspan said on Wednesday 12 October.

Greenspan said an environment of maximum competition has been the driving force in spurring the type of flexibility that has allowed the country to withstand a number of shocks over the past two decades with only two mild recessions.

"The impressive performance of the U.S. economy over

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