Greenspan: Our $1 Trillion Deficit Should Be ‘Scaring Everybody’ into ‘Panic To Do Something’

EXCERPT:

GREENSPAN: “We are about to run a $1 trillion deficit and a trillion dollar deficit should be scaring everybody who is in the political system into panic to do something. The answer is the political system does not look at the data on the size of the deficit. They talk about it, they do everything they want to do but they never act. Action occurs only if and when that very extraordinary increase in the federal debt, unfunded, begins to create inflation. There is no history in Western civilization where you could expand the money supply as much as it's going to be necessary to fund this deficit without engendering inflation."