The future is certain to bring new economic crises, the former chairman of the US Federal Reserve Alan Greenspan has claimed.
Mr Greenspan told the BBC that “the unquenchable capability of human beings when confronted with long periods of prosperity to presume that it will continue” will inevitably create complacency and thus new problems.
He said: “something sooner or later would have emerged” to cause the present difficulties, even if the subprime crisis had not occurred.
Such considerations may interest those dealing with debt management issues, as long-term solutions might need to be able to withstand a future downturn.
Mr Greenspan’s words come on the day that economic analysts have suggested that the UK recession could be at an end.
Figures published by National Institute for Economic and Social Research today said that the UK economy expanded by 0.2 per cent in the three months to the end of August.