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November 2009

Another financial crisis inevitable : Greenspan

By Raman Jokhakar, Tarunkumar Singhal, Chartered Accountants
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  1. Another financial crisis inevitable : Greenspan

Another
global financial crisis is inevitable because human nature always reverts to
‘speculative excesses’ during a period of sustained prosperity, former U.S.
Federal Reserve Chairman Alan Greenspan said.

“The crisis
will happen again but it will be different,” he told BBC Two’s “The Love of
Money” television series.

“That is the
unquenchable capability of human beings when confronted with long periods of
prosperity to presume that that will continue,” he said.

Greenspan,
speaking to the BBC to mark the first anniversary of the fall of U.S.
investment bank Lehman Brothers, said Britain will be hit worse than the U.S.
by the subsequent worldwide financial crisis and global recession because it
has a globally-focussed economy.

(Source :
Business Standard, 11-9-2009)

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