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Federal Reserve Chairman Alan Greenspan, testifying before the House of Education and Workforce Committee has said that measures to curb outsourcing of American jobs to lower-wage countries like India and China may provide temporary relief, but it would backfire on the United States, He also warned that restrictions on free trade would also hurt US standards of living.

Greenspan said he recognised a 'palpable unease that businesses and jobs are being drained from the United States' as a result of the globalisation and the accelerated pace of innovation in the economy. Greenspan urged renewed commitment to adapting the US educational system to the evolving needs of the economy. Education and training, he said, are a 'critical element' of any move in that direction.

"As history clearly shows, our economy is best served by full and vigorous engagement in the global economy. Consequently, we need to increase our efforts to ensure that as many of our citizens as possible have the opportunity to capture the benefits that flow from that engagement." he added.

.... Systemic risk posed by mortgage institutions in US
.... Large purchases of US assets, by China and Japan

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