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By Editor

Fed. Chairman Alan Greenspan said today that American deficits haven't hurt the U.S. economy for one main reason: free trade. He warned that protectionism makes the world economy not as flexible to soak up American deficits, and has the possibility of hurting America down the line.

``The costs of any new such protectionist initiatives, in the context of wide current account imbalances, could significantly erode the flexibility of the global economy,' Greenspan said.

``Consequently, it is imperative that creeping protectionism be thwarted and reversed,' he said.

It's just one more reason to support free trade.