From The BBC:
Alan Greenspan: ‘This will happen again’
The world will suffer another financial crisis, former Federal Reserve chief Alan Greenspan has told the BBC.”The crisis will happen again but it will be different,” he told BBC Two’s The Love of Money series. He added that he had predicted the crash would come as a reaction to a long period of prosperity. But while it may take time and be a difficult process, the global economy would eventually “get through it”, Mr Greenspan added. “They [financial crises] are all different, but they have one fundamental source,” he said.
“That is the unquenchable capability of human beings when confronted with long periods of prosperity to presume that it will continue.” Speaking a year after the collapse of US investment bank Lehman Brothers, which was followed by a worldwide financial crisis and global recession, Mr Greenspan described the behaviour as “human nature”. He said the current crisis…