Tuesday, September 16, 2008

Greenspan: U.S. Financial Crisis will Induce Global Instability

Alan GreenspanOn the 14th, the former Chairman of U.S. Federal Reserve Board Alan Greenspan said the United States is in a century financial crisis. This financial crisis will trigger an economic recession.

Greenspan in the U.S. NBC interview, said that this is the most serious financial crisis in his career, will continue quite a long time, and will continue to affect the U.S. real estate prices.

Greenspan believes that this crisis will continue to be a corrosive power until the U.S. real estate prices stabilized. The crisis will also induce a series of global economic turmoil.

When be asked whether the chance of the United States could avoid the risk of economic recession can exceed 5 percent, Greenspan replied that he thought the probability is less than 50 percent.

Greenspan also predicted that there will be more financial giants fall in this crisis.

Originally Posted: China Business Daily
Author: Angulo Fu