Greenspan: "The Iraq War Is Largely About Oil"

Without elaborating, he writes, "I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil."

Looking ahead to 2030, he predicts that the U.S. gross domestic product will be 75 percent larger than it is now. His most dire forecast is that if the Federal Reserve is prevented from constraining inflation, the 10-year Treasury note would be "flirting with a double-digit yield sometime before 2030, compared with under 5 percent in 2006."