Saturday, June 18, 2011

Greenspan: The 'almost certain' Greece default could cause US double-dip

by Nyree Stewart Magazine: Investment Adviser Published Friday , June 17, 2011

A default by Greece could drive the US back into recession, according to the former Federal Reserve chairman Alan Greenspan.

In an interview with Bloomberg Mr Greenspan said the "chances of Greece not defaulting are very small".

His comments came as Greece’s prime minister George Papandreou's failed to win support for more austerity measures to help address its debt problems.

Mr Greenspan told Bloomberg the chances of Greece defaulting are now "so high that you almost have to say there’s no way out," which could put pressure on some US banks.

He argued Greece's debt crisis had the potential to push the US into another recession, as without it the probability of a recession "is quite low".

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  1. would be interesting if, as defacto defaults and economies decline with living standards all over the globe worsening that simultaneously a larger war opens up in the somewhere..mideast is a good guess ..causing more fear and disturbance, but then being used to promote the idea that the current system no longer works for a "global" world and we need the new system(created by the same ones who steered the old one)..but as always with people seeing the short term and the war and faltering economies they'll be prone to spring on board the new order...peace and safety and prosperity for all with a commission set up to set rules and regs and eventually a dictator who 1st appears as a man of peace, with eloquent speeches and high promises(much like now huh-yet people always seem to fall for it)but later proves false, as always. never waste a good crises is what they say.

  2. Anonymous: What you said is right on target. The only real thing we can do right now is to prepare for the long haul and keep your mouth shut about what you got. When things go downhill, people will be looking for others to rob. These people will most likely be your neighbors and friends. Make sure that others also get prepared. I don't think living in a city around the border is a good thing. Move somewhere where there are farms and something you can do to make money. If you are in college, do your college online and long distance. Get a good vehicle and parts stored, along with food, ammo, medicine and cloths.

  3. I guarantee they won't default. Our tax money will be again used to bail them out. Meanwhile the average American gets to continue to suffer.


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