Greenspan sets out defence of free markets

US - Alan Greenspan, Federal Reserve chairman, speaking on Wednesday levelled one of his most aggressive defences yet of free markets, while warning that the prospect of additional terrorist acts threatened to reduce trade and its economic benefits.

"Fear of terrorist acts ... has the potential to induce disengagement from (wealth-generating) activities, both domestic and cross-border," he said in a speech to the Washington-based Institute for International Economics. "If we allow terrorism to

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