Greenspan’s latest warning is one more ‘wake up call’ for America.
ZeroHedge, Aug 1, 2017: Former Fed chair Alan Greenspan blasphemously warned a year ago of an “imminent crisis”: “This is the worst period, I recall since I’ve been in public service. There’s nothing like it, including the crisis – remember October 19th, 1987, when the Dow went down by a record amount 23 percent? That I thought was the bottom of all potential problems. This has a corrosive effect that will not go away. I’d love to find something positive to say.”
ZeroHedge Aug 1, 2017 – Excerpts:
I don’t know how it’s going to resolve, but there’s going to be a crisis.
“By any measure, real long-term interest rates are much too low and therefore unsustainable,” the former Federal Reserve chairman, 91, said in an interview.
“When they move higher they are likely to move reasonably fast. We are experiencing a bubble, not in stock prices but in bond prices. This is not discounted in the marketplace.”
However, Greenspan argues that stocks will suffer with bonds, as surging real interest rates will challenge one of the few remaining valuation cases that looks more gently upon U.S. equity prices..
“The real problem is that when the bond-market bubble collapses, long-term interest rates will rise…”
“… I’m known as a gold bug and everyone laughs at me, but why do central banks own gold now?”
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