'This is the worst,' Alan Greenspan says of British break from EU

Apparently Greenspan thinks this is worse than the economic crisis he presided over in 1987.

'This is the worst,' Alan Greenspan says of British break from EU

"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."

So... we are just beginning to see the economic crisis begin or is Greenspan starting to get Alzheimer's?

"Brexit is not the end of the set of problems, which I always thought were going to start with the euro because the euro is a very serious problem in that the southern part of the euro zone is being funded by the northern part and the European Central Bank," Greenspan said

Apprently Europe and the world are about to change.

Bloomberg

With liquidity provisions and “soothing talk” from central banks “it’s not hard to imagine a return to normality in the not-too-distant future,” said Roberto Perli, a partner at Cornerstone Macro LLC in Washington.

Apprently Yellen and the central banks think otherwise.

I think we're just starting to see the beginning of a new recession and the US and other central authorities are going to have to actually start taking a real look at how they are managing our bloated bureaucracies and plutocratic economy and stop micro managing our economy and let the free market and REAL capitalism rebuild what the control freaks have destroyed.

What do you think?

You have to take what he says with a grain of salt.

He was part of the entire "trickle down economics" disaster and finally had to admit it failed.

If you look at the 5 month trend of the GBP, it was lower in March and April than it is now.

Source

a reply to: introvert

Yeah but on the same hand you can't just dismiss what he says either.

I've watched both Cdn news about this, and CNN.
Canada doesn't seem the least bit worried, says we'll all get through this fine, buy stocks on sale, keep an eye on the markets, no big deal.
CNN seems to think this is really bad, omg, the global economy is tanking, doom doom doom.
Apparently searches about moving to Canada from the UK are up by over 100%.

a reply to: onequestion

My thought on the Brexit was that it might well mark the first step on the long march to WWIII and the end of humanity.

But........I dismised that thougt a nuts!

originally posted by: snowspirit
I've watched both Cdn news about this, and CNN.
Canada doesn't seem the least bit worried, says we'll all get through this fine, buy stocks on sale, keep an eye on the markets, no big deal.
CNN seems to think this is really bad, omg, the global economy is tanking, doom doom doom.
Apparently searches about moving to Canada from the UK are up by over 100%.

That's because CNN is the mouthpiece of the bourgeois establishment.

in a couple weeks I'd go long pound.

EU countries are going to start having referendums. It's about to fall apart.
Next up Italy
then hungary
then spain with portugal to follow.
Then France
then it may as well be called the germanic union

I think the low countries, germany, the nordic countries, czech republic, austria, the baltic states, and poland would be an actual functional union. Put the capital in Frankfurt or Hamburg.

The UK has nothing to worry about. Scotland will fall back in line as the EU collapses.

a reply to: onequestion

I can. After all, he was wrong about absolutely everything he ever did, until he retired, and then he came out and said "I was wrong. The foundation I based my decisions on professionally, were flawed."

a reply to: snowspirit

lol the irony of those that wanted to remain now considering leaving. works for me. perhaps on the entry application one must tick the relevant box hissy fit? tick moan much? tick just re-direct them to Brussels as economic migrants.

f

a reply to: onequestion

Greenspan ushered in one of the worst economic down falls the U.S has ever experienced. I hardly think his opinion is worth much. When is the world going to stop worshiping these narcissistic bankers and capitalists? Have any of them steered us into a direction that we all benefit from? I think not.

a reply to: onequestion

This is incredibly unexpected.

That an agent of the Rothschild central banksters would criticize sovereignty and independence.

a reply to: 0zzymand0s

I have not forgotton that either Ozzy. I saw him on the news last night and my first thought was why do they go to cadaveric fossils for opinions. Ah, sez I to myself, because what most people remember of him is little more than his name and how he was once a respected(by a certain set) economist. Or pay close attention to the old wise one( ? ) Kissinger. Or better yet, let's wheel in the breathing carcass of Strom Thurmond and let him represent us in congress for ever and ever. Opps, did I digress here?

If you back globalism, this is very very bad because it means the people are pushing back and things are suffering a setback.

We can expect things to be rocky simply because the globalists will not make this easy on anyone. They are invested in it looking like the only way to go is to a centralized, monolithic state controlled by an unelected bureaucracy of self-designated elites.

It is in their short-term and long-term interests to make the world suffer to support their suggestions that this will destroy us all.

a reply to: 0zzymand0s

I'm with you, Oz. I became interested in Econ in the Greenspan era. I would read a little basic Econ textbook, and then read a little news and think through the issues of the day pertaining to the topic I was studying.

I kept coming to the conclusion I was still missing something... the Fed seemed to make monetary policy in contradiction to what seemed (to me, as a newb) to be different than the texts I was reading would indicate should be done. I kept thinking it was just me, and I must have more studying to do.

Turns out I had a greater understanding (from my working class point of view) than Mr. Greenspan from his conference room and office.

even though he realizes he was mistaken, I don't see any evidence that he has any greater understanding of how all the pieces fit together. From his monetary viewpoint (which favors Central Banks and their actions, and takes nothing else into account) it would look like a disaster.

There's a lot more to economics than the influence of Central Banks.

a reply to: onequestion

I think they are in the final planning stages for short term collapse. We will probably see a rash of selling in the stock market by the major players to start the downward trend. Once it drops low enough, like Rothschild and the boe, the major players will buy up everything at 5 cents on the dollar. Like delegates and suoer-delegates, oligarchs will become super-oligarchs. My money is on October, just before the US elections.

This whole thing is a confidence game we are all meant to believe in, to give it power over us. When you factor put politicians bit leave human infrastructure and when you factor out economic terrorism via the money power and leave the banks with the fiat currency in place, all the problems go way. You simply cut our the middle men controlling the confidence game. People don't need politicians and international bankers to trade goods and services.

Cheers - Dave

a reply to: onequestion

The only people Brexit is bad for is the Global Elite.

Freedom is good for the rest of us.

a reply to: onequestion

I wouldn't listen to anything Greenspan says. He may be right or he may not be but in either event the guy is just guessing. This is a guy who caused three economic bubbles, 5 recessions including 2008, is on record as saying everything he did as the Fed Chairman in terms of deregulation he now realizes was wrong, and basically practiced Voodoo rather than economics (though in truth, there's not much difference between the two).

originally posted by: onequestion
Yeah but on the same hand you can't just dismiss what he says either.

Yes, you really can. His entire school of economics has been discredited with decades of real world examples and the man himself has said that everything he thought he knew was wrong.

If anything this should be a pretty good case about there being any system of logic behind economics at all when so many people were able to make up so much stuff and get it all wrong.

Alan Greenspan is the perfect barometer, what ever he said to do, do the exact opposite.

Another link for those interested.

While I agree with others that the Brexit result was probably contrary to the wishes of TPTB, I do worry after seeing stories like this from such prominent people. Remember TPTB although few in number, are very intelligent, cunning, resourceful, adaptive and ambitious. They are usually quite a few steps ahead and I don't see them not having an alternative plan to combat this outcome.