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The Guardian - UK
The Guardian - UK
World
Matthew Weaver

Greenspan on Iraq and the UK economy

Alan Greenspan, the former chairman of the US Federal Reserve, has been sounding off about Gordon Brown, UK house prices and the Iraq war.

In an interview with the FT to mark the publication of his memoirs, Greenspan predicted that house prices in the UK could fall by more than 10% - "much worse than most people think".

In his memoirs he also admitted the Iraq war was largely about oil. A Guardian article says Mr Greenspan sounded more like an anti-war activist than a lifelong Republican. "I thought the issue of weapons of mass destruction as the excuse was utterly beside the point," he told the paper.

The Daily Mail notes that Mr Greenspan has become the "highest official in American government at the time" of the Iraq conflict to publicly accuse the president, George Bush, of going to war over oil.

But it focuses on praise in the memoirs for Gordon Brown's handling of the economy.

It says the "economic guru" complimented Mr Brown for turning Britain into "the most open economy in the world". The Mail says he praised the government for continuing the economic approach of Margaret Thatcher.

Meanwhile the Mail's star columnist, Melanie Phillips, delivers a very different verdict on Mr Brown's economic record. She suggests he is partly to blame for the Northern Rock crisis.

"From the individual consumer living on easy credit to a government presiding over record levels of national debt, we have been kidding ourselves that we can live indefinitely in never-never land," she says.

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