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Investors moving away from dollar to euro?
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Alan Greenspan revealed be believes both private investors and central banks were shifting away from the U.S. dollar and toward the euro.
"We're beginning to see some move from the dollar to the euro, both from the private sector ... but also from monetary authorities and central banks," Greenspan told a conference sponsored by the Commercial Finance Association.
His comments pushed the dollar down, a sign that Greenspan, who retired from the U.S. central bank in January, still holds some sway in financial markets. Greenspan said it was imperative for the United States to resist protectionist pressures that could make an unwinding of the large U.S. current account trade gap economically painful.
"We'll get to the point at some point that willingness to finance it will slow, and if you can't finance it, it won't happen," Greenspan said of the broad trade measure.
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Barry
Mr. Do It All
Oct 26, 2006, 7:32 PM
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