Date Posted:10:55:13 05/14/03 Wed Author: sunny Subject: Great words
A friend of ours now living in London told us some time ago of an astounding conversation he had in the early 1970s. At a lunch with Mr. Greenspan (when he ran his own economic advisory service), they discussed gold and the Kondratieff Cycles.
Mr. Greenspan stated that he would love to be head of the Fed when the Kondratieff Cycle was due to end in the late 1980s. He was quite sure he could overcome the deflationary impact of the cycle by injecting sufficient credit into the system to offset inflation.
He ended the conversation by saying that should he fail to achieve his objective, there was a chance that when the cycle did end, " the resulting Depression would be by far the biggest the world has ever known".
Great words