Momentum of global eco +ve except oil rate issue: Greenspan

Former Federal Reserve chairman Alan Greenspan feels that as a leading indicator, global oil prices are a very useful statistic. "The co-relation between oil prices on a global basis and global economic activity is far more precise than any evidence that we have where it should be. The only problem is, we don't know fully where all the channels are. And, my view is that when oil prices get up into this area and start to move even higher, you do have to start to worry," he said.

However, he added that there was no question (at this stage) that the momentum of this economy, leaving out the oil price issue, the euro problems that have emerged and very specifically and the budget problems, is really beginning to pick up momentum.