Greenspan Paints Disturbing Picture Of US Economy! “The Stock Market Is Great”, But The Economy Feels Like In “The Late Stages Of The Great Depression”

(Before It's News)

Zero Hedge

While conflicting economic data leaves hope for both buills and bears, Alan Greenspan warns that, unlike Yellen, “US economic growth is not strong.” He then slays another pillar – suggesting the exuberant job growth is anything but (as he focuses on weak productivity as he pinpoints entitlements as “crowding out capital investment” in America. The maestro then breaks the golden rule of central bankers andexplains how The Fed was, in fact, the main driver of the P/E multiple expansion in stocks; and when asked if this ends as badly as last time? He concludes “It depends…When real interest rates start to move up, that’s when the crisis could hit.” The interview is somewhat stunning in its honesty (for a central banker) as he warns global “effective demand is extraordinarily weak – tantamount to the late stages of the great depression.”

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