Alan Greenspan issued a dire warning about the U.S. economy during an interview with Fox News on Thursday. Greenspan said that as Venezuela descends into martial law, the U.S. is heading in the same direction.
Greenspan warned that the U.S. has “a global problem of a shortage of productivity growth” which is leading it into an impending disaster.
Foxbusiness.com reports:
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“What the Fed does at this particular stage is less important than what the markets are doing. And what the markets are beginning to show us is acceleration in money supply for the first time in a very long time… We have a global problem of a shortage in productivity growth and it’s not only the United States but it’s pretty much around the world and it’s being caused by the fact that the populations everywhere in the Western world, for example, are aging and we are not committing enough of our resources to fund that,” he said.
Greenspan said the main thing confronting our country and the global economy is long-term economic growth.
“Our problem is not recession which is a short-term economic problem. I think you have a very profound long-term problem of economic growth at the time when the Western world, there is a very large migration from being a worker into being a of recipient of social benefits as it is called. And this is legally mandated in all of our countries. The size has got nothing to do with the rate of growth in economic activity, but if we stay down at the two percent economic growth in the United States and elsewhere, we’re not going to be able to fund what we are already legally obligated to spend,” he said.
Former Reagan budget director David Stockman on Wednesday told Neil Cavuto the U.S. could be on the verge of a market economic collapse but Greenspan says “we need not go that far.”
“Since 1975, the sum of gross domestic savings and entitlements as a percentage of GDP has been remarkably flat and what that tells us is all the way back to ’65 we have essentially been seeing a one Dollar to one Dollar tradeoff between entitlement growth and gross savings decline. And despite the fact that we are borrowing savings from abroad its’ kept our rate of capital investment as a percent of GDP going down,” he said.
Greenspan who is “not exactly” a fan of Donald Trump or Hillary Clinton also discussed their opposition to trade deals and why they are critical to economic growth.
“People don’t realize, they think that you’re going to shut off, for example, imports from China, that somehow will create jobs in the United States — it doesn’t. Instead of getting goods out of China you will get them out of the Philippines or someplace else. But before they come back to the United States, they will try other places around the world where labor costs are perceived to be cheaper. So the issue of foreign trade is something which has helped the country grow all the way back to 1790 and the presumption that of sudden we’re turning off on trade is very narrow-minded in my impression,” he said.
Sean Adl-Tabatabai
This person is the ultimate creep on this planet, some may call it a reptilian, I agree.
Oh, he’s not the ULTIMATE creep, but birds of a feather DO flock together…
This person is the ultimate creep on this planet, some may call it a reptilian, I agree.
Oh, he’s not the ULTIMATE creep, but birds of a feather DO flock together…
You old crooked piece of work-trial in store for you.
You old crooked piece of work-trial in store for you.
Martial Law would be a very bad mistake…..
Martial Law would be a very bad mistake…..
Bring it.
Bring it.
Trump will solve this Yuuuuge problem. He has the best people who will be working on this. He knows how to solve it. He has said so. And his solution will be the best solution. It will be the perfect solution. And I believe him because he said so. He wouldnt say so if he didnt know what to do. Dont worry that he hasnt said how he will solve it. I will leave that to him and his staff of the best people. Because he said he has the best people and the best solution. And thats good enough for me……
I only wish I saw better people around Trump now. Sarah Palin or Newt Gingrich as a VP are same old same old. I want new blood including Trump.
I guess somebody including Ann Inquirer entirely missed the satire in the remark, rzdave.
I have a deep suspicion that people are not going to understand your tongue in cheek humor but I do.
Donald is that you, Donald? Barron, John Miller and now rzdave, you are the best prankster, can hardly wait for the yuuuge pranks you will pull off once you are prez.
Some folks aren’t getting that little thing called sarcasm.
phoque are you in for a big surprise
I agree we do not know exactly how Trump will perform, but is your answer to keep voting for those who say they really know how to solve the problem of zero growth, but who are in fact the direct cause of it? We have to make a move here, and logically, the self made billionaire is a perfect candidate to give the opportunity!
Hillary will solve this Yuuuuge problem. She has the best people who will be working on this. She knows how to solve it. She has said so. And her solution will be the best solution. It will be the perfect solution. And I believe her because she said so. She wouldnt say so if she didnt know what to do. Dont worry that she hasn’t said how she will solve it. I will leave that to her and her staff of the best people. Because she said she has the best people and the best solution. And that’s good enough for me……Do you see what I did there?
lol a band aid on a shotgun blast
Trump will solve this Yuuuuge problem. He has the best people who will be working on this. He knows how to solve it. He has said so. And his solution will be the best solution. It will be the perfect solution. And I believe him because he said so. He wouldnt say so if he didnt know what to do. Dont worry that he hasnt said how he will solve it. I will leave that to him and his staff of the best people. Because he said he has the best people and the best solution. And thats good enough for me……
I only wish I saw better people around Trump now. Sarah Palin or Newt Gingrich as a VP are same old same old. I want new blood including Trump.
I have a deep suspicion that people are not going to understand your tongue in cheek humor but I do.
Donald is that you, Donald? Barron, John Miller and now rzdave, you are the best prankster, can hardly wait for the yuuuge pranks you will pull off once you are prez.
Some folks aren’t getting that little thing called sarcasm.
I guess somebody including Ann Inquirer entirely missed the satire in the remark, rzdave.
phoque are you in for a big surprise
I agree we do not know exactly how Trump will perform, but is your answer to keep voting for those who say they really know how to solve the problem of zero growth, but who are in fact the direct cause of it? We have to make a move here, and logically, the self made billionaire is a perfect candidate to give the opportunity!
lol a band aid on a shotgun blast
The day I trust Greenspan’s advice… another scheming Fed Chair…understating a catastrophe…AUDIT AND END THE FED.
The day I trust Greenspan’s advice… another scheming Fed Chair…understating a catastrophe…AUDIT AND END THE FED.
I thought America was next after Greece’s troubles? When will that shoe drop? Alan “I Was Wrong” Greenspan feels bad that he missed the 2008 meltdown completely, so he’s gonna keep saying this until he gets it right. I wonder…if all these places ARE going belly up, where could all the money that used to circulate through the mom-and-pop stores, the local diners and car dealers, into new homes and remodeling…where could all that cash have run off to? I guess we’ll never know.
I thought America was next after Greece’s troubles? When will that shoe drop? Alan “I Was Wrong” Greenspan feels bad that he missed the 2008 meltdown completely, so he’s gonna keep saying this until he gets it right. I wonder…if all these places ARE going belly up, where could all the money that used to circulate through the mom-and-pop stores, the local diners and car dealers, into new homes and remodeling…where could all that cash have run off to? I guess we’ll never know.
That’s not what Greenspan said: he said Lets not go to extremes, this is an extreme example on the continent, and that the USA is doing better than MOST
That’s not what Greenspan said: he said Lets not go to extremes, this is an extreme example on the continent, and that the USA is doing better than MOST
The pope is the devil’s messenger.
The pope is the devil’s messenger.
Trade is the lifeblood of every country. Of course, we hardly trade anymore thanks to our trade deals. All we do is let companies move production overseas and sell the product back to us.
Most of these jobs lost thanks to our trade deals? They were stolen from blue collar workers. They created a firmly entrenched welfare class that is unable to fend for itself.
Now we are going to have a massive retirement coming in the next decade that will become an ever-expanding black hole of entitlement spending
Trade is the lifeblood of every country. Of course, we hardly trade anymore thanks to our trade deals. All we do is let companies move production overseas and sell the product back to us.
Most of these jobs lost thanks to our trade deals? They were stolen from blue collar workers. They created a firmly entrenched welfare class that is unable to fend for itself.
Now we are going to have a massive retirement coming in the next decade that will become an ever-expanding black hole of entitlement spending
Not “turning off trade” don’t be fatuous. The real people of this country need Fair Trade and fair treatment for a Change.
Not “turning off trade” don’t be fatuous. The real people of this country need Fair Trade and fair treatment for a Change.
I get so friggin sick of listening to Greenspan and all the other experts and knowledgeable economists spout off on what is wrong and how to fix it…..Greenspan, one worlder that he is, was in control of the economy for years and things still went to shit! Either he could have fixed it and didn’t, which makes him complicit in what is going on, or he was just shooting his mouth off……..We are in doo-do up to our eyes, by design, and until the trash is taken out and we start clean, we are going to continue to wallow in the cess pool that has been created!
I get so friggin sick of listening to Greenspan and all the other experts and knowledgeable economists spout off on what is wrong and how to fix it…..Greenspan, one worlder that he is, was in control of the economy for years and things still went to shit! Either he could have fixed it and didn’t, which makes him complicit in what is going on, or he was just shooting his mouth off……..We are in doo-do up to our eyes, by design, and until the trash is taken out and we start clean, we are going to continue to wallow in the cess pool that has been created!
Greenspan is one of those who is a part of the problem. and why we are where we are today.
Greenspan is one of those who is a part of the problem. and why we are where we are today.
We should always care for our elderly, not the funding of illegal immigrants and immigrants.
We should always care for our elderly, not the funding of illegal immigrants and immigrants.
I no longer pay any attention to what Alan Greenspan says. Remember he headed the fed for decades, but claimed total ignorance of the ’08 crisis beforehand!
I no longer pay any attention to what Alan Greenspan says. Remember he headed the fed for decades, but claimed total ignorance of the ’08 crisis beforehand!
I see comments below about Trump and whether or not he can solve this.
The thing with Trump is that he will at least slow down our governmental train wreck! Otherwise, things will move along with the global corporations’ agenda unhindered!
I see comments below about Trump and whether or not he can solve this.
The thing with Trump is that he will at least slow down our governmental train wreck! Otherwise, things will move along with the global corporations’ agenda unhindered!
Everything about this economy is fake. Gold prices are being manipulated by globalist banks. Now the stock market is going up because oil is going up. However, the price of oil isn’t going up because of increase in demand. It’s going up due to decrease in supply (fires in Canada, Venezuela collapsing). So the increase in price causing the stock market to go up because it’s near the supposed $50 magic price point, but it’s all fake. It’s only because the supply has shrank, not increase in demand. The stock market is all fake and phony.
Everything about this economy is fake. Gold prices are being manipulated by globalist banks. Now the stock market is going up because oil is going up. However, the price of oil isn’t going up because of increase in demand. It’s going up due to decrease in supply (fires in Canada, Venezuela collapsing). So the increase in price causing the stock market to go up because it’s near the supposed $50 magic price point, but it’s all fake. It’s only because the supply has shrank, not increase in demand. The stock market is all fake and phony.
44 years ago it was 5 cents for an ice cream cone now its 1.50$ that’s 3000% increase! I am tired of economists telling lies. And what is wrong with 0% growth?
so long as the population is static an apple will cost the same from one year to the next, as long as taxes, wages, interest etc remain the same. You have the economy of those seeking gain and that of the worker. If the worker can buy the same thing at the same price year to year than no problem. And then you have a problem in the manufacturing sector where they are all and I mean all are going to 12hr continental shift. How many 55 year old’s can stand on their feet for 12 hours from 7pm to 7:30am. That’s the problem I have with a bad back and left knee. If I would have known that trades in manufacturing were going to go that way. I would have chosen another career. Maybe an economist. When I first started out 30 years ago it was mostly 8hr shifts with the odd afternoon shift. I have a friend who nearly had a stroke because of those 12 hour shifts.
44 years ago it was 5 cents for an ice cream cone now its 1.50$ that’s 3000% increase! I am tired of economists telling lies. And what is wrong with 0% growth?
so long as the population is static an apple will cost the same from one year to the next, as long as taxes, wages, interest etc remain the same. You have the economy of those seeking gain and that of the worker. If the worker can buy the same thing at the same price year to year than no problem. And then you have a problem in the manufacturing sector where they are all and I mean all are going to 12hr continental shift. How many 55 year old’s can stand on their feet for 12 hours from 7pm to 7:30am. That’s the problem I have with a bad back and left knee. If I would have known that trades in manufacturing were going to go that way. I would have chosen another career. Maybe an economist. When I first started out 30 years ago it was mostly 8hr shifts with the odd afternoon shift. I have a friend who nearly had a stroke because of those 12 hour shifts.
We don’t need FREE TRADE…We need FAIR TRADE.
We don’t need FREE TRADE…We need FAIR TRADE.
Ann Coulter for V.P.!
Ann Coulter for V.P.!
Remember what happened the last time we listened to this idiot?
Remember what happened the last time we listened to this idiot?
thanks Jews
thanks Jews
We can sure get a better trade deal with the Philippines,than China.In the 1960s all the little toys were from Taiwan.Now Taiwan is an expensive place to live,and they don’t export junk to the U.S.But they do buy our products.You can sell a pair of levis there for $100 anytime.
We can sure get a better trade deal with the Philippines,than China.In the 1960s all the little toys were from Taiwan.Now Taiwan is an expensive place to live,and they don’t export junk to the U.S.But they do buy our products.You can sell a pair of levis there for $100 anytime.
This is why the MSM is putting on this show of riots. They want this Country to riot. Pay attention to what they are doing……….President Barrack Obama signed the “Patriot Defense of Liberty Enabler Act” which is his latest in a series of Executive Orders to bring the U.S. in “compliance with the United Nations Agenda 21”
The President says that this plan will allow the Federal Government to “assume control of all Federal territory in case of a National Emergency or Civil Disobedience”. In addition, this act will allow the U.N. Troops to assist U.S. Forces when needed on domestic soil.
This is why the MSM is putting on this show of riots. They want this Country to riot. Pay attention to what they are doing……….President Barrack Obama signed the “Patriot Defense of Liberty Enabler Act” which is his latest in a series of Executive Orders to bring the U.S. in “compliance with the United Nations Agenda 21”
The President says that this plan will allow the Federal Government to “assume control of all Federal territory in case of a National Emergency or Civil Disobedience”. In addition, this act will allow the U.N. Troops to assist U.S. Forces when needed on domestic soil.
Greenspan is SMOKING to much WEED lately.. He is a typical NEW WORLD ORDER guy and fill of Duck-S-H-I-T..
He is the very guy that caused all the MONEY PROBLEMS in America..
Greenspan is SMOKING to much WEED lately.. He is a typical NEW WORLD ORDER guy and fill of Duck-S-H-I-T..
He is the very guy that caused all the MONEY PROBLEMS in America..