Greenspan's fight

ARTICLE - Last week, the Federal Reserve decided to blow, once again, into the flapping sails of the US economy. The puncturing of the bubble economy continues to create fierce headwinds. Further interest rate cuts - perhaps more unorthodox measures - remain likely.

First published in the UK edition of the Financial Times by Martin Wolf on 13 November.

The last time the Fed Funds rate was as low as this was July 1961. The decisions to cut the rate from 6.5 per cent in late 2000 to the lowest

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