Greenspan On Globalization

No surprise here.

Federal Reserve Chairman Alan Greenspan Thursday said it was "imperative" that emerging protectionism be vanquished before it hurts globalization — key to the United States coping with record trade deficits.

"Should globalization be allowed to proceed and thereby create an ever more flexible international financial system, history suggests that current imbalances will be defused with little disruption," he told a monetary conference sponsored by the Cato Institute and The Economist magazine.

"Some clouds of emerging protectionism have become increasingly visible on today's horizon," he said, saying this could "significantly erode" the flexibility of the global economy.

"Consequently, it is imperative that creeping protectionism be thwarted and reversed," the Fed chief said.

That is why I wish someone decent would run against Bush. His protectionist tactics will ruin the American economy in the long run because they will cost more jobs than they will save. But politicians will do anything for votes…