Alan Greenspan ari kuyedza kuti George W. Bush asarudzwe Mutungamiriri uno Mbudzi? Mhosva dzekutsigira bato dzakanetsa Sachigaro weFed kwenguva yakati - kunyanya kubva paakaudza Congress muna Ndira 2001 kuti, nekuenderera mberi kwebhajeti, tinogona kubhadhara chikwereti chenyika nekukurumidza.
Kufanotaura kwerekodhi bhajeti rakasara kubva zvatsiviwa nekushomeka kukuru. VaGreenspan nguva pfupi yadarika vanga vachipa zano rekuti nzira yekugadzirisa nekutadza kufanotaura uku hakusi kudzoreredza kuderedzwa kwemitero, asi kuderedza kushandiswa kwemari.
Vadziviriri vaVaGreenspan vanogona kuti kukanganisa kwakadaro kunokonzerwa nemafungiro ake ekugadzirisa (pamwe chete nekukwanisa kushomeka kwehupfumi). Asi pano pane chimwe chinhu chakanyanya kuoma kutsanangura pasina kutaura nezvesarudzo yekutenderera: Mr. Greenspan vanga vasina hanya zvakanyanya nezvenjodzi yekuwedzera kwekuwedzera kwehupfumi muhupfumi hwedu.
Mumwedzi mitatu yapfuura, Consumer Price Index yakakwira pachiyero che3.7 muzana pagore, zvichienzaniswa ne1.7 muzana pagore rapfuura. Kana tikasabvisa chikafu nesimba, kukwidziridza kudiki asi kuchiri kwakakosha.
Uye pane chikonzero chekutenda kuti kumwe kuwedzera kwemutengo wesimba kuchave kwekusingaperi, sezvo zvichibva mukuderera kwedhora kune dzimwe mari mumakore maviri apfuura.
Asi muchirevo chayo chepamutemo svondo rapfuura, Fed yakati njodzi ye "kudonha kusingafadzi muinflation" iko zvino "inoratidzika kunge yakaenzana neiyo yekukwira kweinflation." Mukutarisana nekukwira kwemitengo kwete mumatengo evatengi chete, asiwo mugadziri uye mitengo isiri yemafuta ekunze, nei Fed ingati izvi?
Chimwe chikonzero chingave chekunyengetedza misika yezvemari kuti kukwira kweinflation hakugoneke, kuitira kuchengetedza mhindu yenguva refu yakaderera. Chibereko chemari pamakore gumi eTreasury notes chakavharwa pa 3.77 muzana vhiki yapfuura, izvo zvaizoita kuti kudzoka kwechokwadi kunenge zero pazvino (3 mwedzi) chiyero chekuwedzera kwemari.
VaGreenspan vangave vachiziva kuti inflation iri kuwedzera, asi haadi kuona kuwedzera uku kunoratidzwa mumitengo yenguva refu kusvika mushure mesarudzo. Iyewo haadi kumanikidzwa kukwidza mitengo yenguva pfupi - iyo Fed inodzora zvakananga uye inobata pa46- gore yakaderera ye1 muzana - sarudzo dzisati dzaitwa.
Kunyatsonzwisisa kuti hazvina kujairika sei kuti Fed ive yakapfava-pedaling inflation njodzi pavanenge vakatitarisa kumeso, ramba uchifunga kuti kumabhanga epakati inflation inofanana ne "The Great Satan." Kare Fed yakadzipa kukura uye yakatokonzeresa kudzikira kuitira kurwisa kutyisidzira chaiko kana kufungidzira kwekuwedzera kudiki kwekuwedzera kwemitengo.
Sarudzo yaMbudzi yakakurisa chokwadi. Uye zano racho rinowedzera: Mr. Greenspan vangangozivawo kuti kune bubble mumusika wedzimba unogona kuputika chero nguva. Mitengo yedzimba yakakwira zvakanyanya zvisina mukare akamboona kubvira 1995 - inodarika zvikamu makumi matatu neshanu muzana munyika yose pamusoro pehuwandu hwekuwedzera kwemitengo. Hapana zvakadai zvakamboitika mumusika wedzimba. Munzvimbo dzakawanda - semuenzaniso New England neCalifornia - kuwedzera kwemitengo kwave kwakapetwa kaviri paavhareji yenyika.
Tsananguro iri pachena ndeyekuti bubble remusika wemasheya rekupera kwema1990s rakateuka mumusika wedzimba. Pini inonyanya kubaya bubble remba ingangove spike mumitengo yenguva refu.
Maminitsi eFed aJune 24-25 gore rakapera akaratidza kuti bhodhi rayo rekuita mutemo rakanga richitokurukura nezvematambudziko ekuwedzera kwedhora rinowira pachivande, panguva imwe chete iyo Fed yakanga ichiita pachena kutya kwekuparara. Kunetseka pamusoro pekuderedzwa kwakabatsira kutyaira iyo yenguva refu Treasury kusvika ku45-gore yakaderera ye3.07 per cent mwedzi iwoyo, zvichikurudzira kukwidziridzwa kwemari yemumba kwakafambisa kupora kwehupfumi kusvika pakupera kwegore rapfuura.
Iyo dhizaini yemitengo yakaderera yenguva refu zvakare yakapomba mweya mutsva mubhubhu redzimba, kuchengetedza mitengo yemba ichikwira pa8 muzana gore rapfuura. Asi mabhuru ese anofanirwa kupedzisira aputika, uye kana aya atyora anozokanganisa mashandisirwo emari sezvakaita kuparara kwemusika wemasheya muna 2000 - izvo zvakakonzera kudzikira. Mubvunzo we $ 3 trillion (ndiyo fungidziro yehupfumi hwedzimba hunogona kupera): zvichaitika pamberi pesarudzo? Kwete kana Alan Greenspan achigona kuimisa.
Mark Weisbrot ndiye Co-Director weCentre for Economic and Policy Research (www.cepr.net), muWashington, DC.