"Of course, shedding the debt burden would be a happy development for our country, but it would nevertheless pose a big dilemma for the Fed. Our primary lever of monetary policy was buying and selling treasury securities-Uncle Sam's IOU's. But as the debt was paid down, those securities would grow scarce, leaving the Fed in need of a new set of assets to effect monetary policy."
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Businesspeople from the United StatesEssayists from the United StatesMathematicians from the United StatesLibertarians from the United StatesEconomists from the United States
Original Language: English
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Chapter Ten, "Downturn", p. 214.
https://en.wikiquote.org/wiki/Alan_Greenspan
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Alan Greenspan
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