CAMBRIDGE: The US Treasury and Alan Greenspan receive great credit for restoring stability in global markets after the Asian, Russian, Brazilian and other financial tremors of last fall. So should we now be alarmed that a key man steering the boat is getting off, making the world economy much more vulnerable if trouble hits again? Of course, the Treasury which Robert Rubin came to lead was vital early on in the Clinton administration in countering the spend-and- tax- happy liberals on the Clinton White House team. Mr Rubin and his proteges taught the lesson that bond markets are supreme and they succeeded beyond anyone's imagination thus training the White House to that new view.
CAMBRIDGE: The US Treasury and Alan Greenspan receive great credit for restoring stability in global markets after the Asian, Russian, Brazilian and other financial tremors of last fall. So should we now be alarmed that a key man steering the boat is getting off, making the world economy much more vulnerable if trouble hits again? Of course, the Treasury which Robert Rubin came to lead was vital early on in the Clinton administration in countering the spend-and- tax- happy liberals on the Clinton White House team. Mr Rubin and his proteges taught the lesson that bond markets are supreme and they succeeded beyond anyone's imagination thus training the White House to that new view.