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Former Fed chairman Greenspan: Downgrade hits U.S. "psyche"

08-08-2011 16:35 BJT

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Still in the US, former Federal Reserve Chairman Alan Greenspan has warned that stock markets will take a hit by S and P's downgrade. Speaking to NBC's Meet the Press, he dismissed worries that the US would default on its debts, but conceded the downgrade had struck a blow to the "psyche" of the country.

Greenspan said, "This is not an issue of credit rating. The U.S. can pay any debt it has because it always can print more money to do that. So there is zero probability of default. What I think the S&P did was to hit a nerve that there's something basically bad going on. And it's hit the self esteem of the U.S., the psyche, and it's having a much profounder effect than I conceived could happen."

Alan Greenspan, former chairman of the U.S. Federal Reserve. Photographer: Andrew Harrer/Bloomberg


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Editor:Li Wanran |Source: CNTV.CN

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