Greenspan: Higher inflation to warrant double-digit rates in future - USATODAY.com

Greenspan: Higher inflation to warrant double-digit rates in future - USATODAY.com: "Greenspan: Higher inflation to warrant double-digit rates in future Updated 1d 12h ago | Comments 213 | Recommend 40 E-mail | Save | Print | Reprints & Permissions | Subscribe to stories like this Former head of the Federal Reserve Alan Greenspan sits in his Washington D.C. office. He has written a book titled The Age of Turbulence. Enlarge image Enlarge By H. Darr Beiser, USA TODAY Former head of the Federal Reserve Alan Greenspan sits in his Washington D.C. office. He has written a book titled The Age of Turbulence. By Barbara Hagenbaugh, USA TODAY WASHINGTON — Former Fed Chairman Alan Greenspan predicts in a new book out Monday that the Fed will have to raise interest rates to double-digit levels in coming years to thwart inflation. Greenspan, 81, says in The Age of Turbulence that the inflation-damping effect of globalization, which has led to lower wage pressures, inflation and interest rates worldwide, will recede. At some point, the flow of people into the workforce in developing countries such as China, which has seen a movement of workers from farms into factories, will slow, leading to stronger wage pressures and prices, he says. The impact will be global. And the shift 'may be upon us sooner rather than later,' he says. Evidence: P"