Every day, it seems, another official joins the throngs who are warning the western world about overvalued stock-markets. Even cautious central bankers have been speaking out Alan Greenspan, chairman of America's Federal Reserve, has mostly kept his counsel since the markets rudely ignored his mutters, 18 months ago, about "irrational exuberance". But recently Hans Tietmeyer, president of Germany's Bundesbank, joined the doom merchants, promising that a gathering of central bankers this week would discuss the problem "intensively". And the International Monetary Fund has also declared that stockmark-ets should be watched carefully.
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