We must keep pace with US economy

WITH US interest rates on the move upwards, the doom merchants are already preparing their dismal analysis on the global economy.

Not everything is clear cut at this stage about the US, but it needs to be said categorically that rising US rates are good news.

While the Prozac side of the economic debate over the past few years predicted a major world economic crash, Alan Greenspan and the rest of his enlightened staff in the US Central Bank - the Federal Reserve to you - busied themselves cutting interest rates from 6% to 1%.